AM Comments 08/11/14
Monday, August 11, 2014, 7:08 AM
Submitted by: Dustin Weiner
The markets look to start the week off awfully quiet as both corn and soybeans are trading steady/mixed so far this morning. Initially supportive to prices are dry weather concerns in China – which helped beans, meal and corn work higher last night. On the flip side, reduced tensions in the Black Sea has allowed wheat prices to slip lower which could eventually drag on corn.
Tomorrow the August Crop Production and S&D reports will be released from the USDA. The general idea that the US corn and soybean crops are large should keep the market from mounting any substantial rallies ahead of the report. However, with the market on/near its lows (esp in corn) and the potential for a surprise always looming I wouldn’t be surprised to see a little profit-taking or short-covering ahead of the report. This could give us a small bounce between now and the 11am release time tomorrow.
Corn steady to 2c higher
Soybeans steady to 2c lower
Have a great day!