Fccoop

MARKET COMMENTARY

AM Comments 8/14/2014

Thursday, August 14, 2014, 8:08 AM
Submitted by: Joel Pudenz


After a modest close lower yesterday, corn and soybean futures are mixed this morning with corn down ΒΌ cent and beans even to 5 cents higher. The market has pretty much digested the USDA report from Tuesday and the pre-report pressure has returned to the front of traders’ minds. Overnight, December corn traded near contract lows; November soybeans made new contract lows. Yield estimates, favorable weather, and growing crop sizes will continue pressuring prices to angle lower. Export sales this morning were neutral to futures, coming within trade estimates for both corn and soybeans. As we continue to receive timely rains through the balance of August (like the event forecasted this weekend), the bulls will continue having a tough time making their case.

 

Opening calls:

Corn steady to slightly lower

Beans steady to 5 cents higher

 

Have a great day!

 

@fccoograin

 

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