PM Comments 8/15/2014
Friday, August 15, 2014, 3:08 PM
Submitted by: Joel Pudenz
Spillover support from the wheat market propped corn futures up today with corn closing 3 to 4 cents higher. Renewed unrest from Eastern Ukraine and new reports of Russian convoys entering Ukraine had global markets on edge – reports which Russia deny of course. FSA released acreage enrollment numbers this morning, which were also a supportive input to corn prices. Preventive Planting arces were 4.2 mln, which would remove 1 mln acres from previous production estimates. The bulls had plenty to talk about today as corn spent most of the day 3 to 6 cents higher. Soybeans were mixed today, ranging from a 13 cents higher to 9 cents lower. On the week, new crop beans lost 33 cents led by the bearish tone set in Tuesday’s report of increased yield/production. November beans closed 4 cents lower today as much of the Midwest is receiving rains through the weekend.
Have a great weekend!
Routes of the ProFarmer Midwest Crop Tour next week: