PM Comments 8/11/2014
Monday, August 11, 2014, 4:08 PM
Submitted by: Joel Pudenz
A pre-report trade day ended with corn 4 to 5 higher and beans 5 to 11 lower. Some short covering before tomorrow supported corn prices a nickel higher; weather continues to be favorable (and bearish) with a warmer trend entering forecasts next week. Trade expectations place total corn production at 14.2 bln bushels and a carryout of 2 bln bushels in the report tomorrow. Corn crop ratings are steady with last week at 73% G/E nationally. Weak export inspections put some pressure on the soybean market today, coming in below the average needed to meet USDA projections. Crop ratings were expected to stay steady with last week, but dropped by 1% from 71% to 70% G/E nationally. Look for both corn and soybean markets to trade mixed before the 11:00 A.M. report tomorrow.
Have a good night!