AM Comments 08/18/14
Monday, August 18, 2014, 7:08 AM
Submitted by: Dustin Weiner
The markets traded both higher and lower last night with corn higher at the moment (while beans are currently a shade lower). If corn closes higher today that would be the 6th consecutive day! Much of this support is stemming from last Tuesday’s S&D report which not only came in a little disappointing on projected 14/15 yield but also showed increased old crop demand. Overall when looking at corn… there really isn’t a lot of bullish news out there it just feels like maybe the market was tired of going lower and decided to take a break (somehow using a lower than expected (but still record) corn yield from the USDA as an excuse).
Crop ratings will be out this afternoon after the close (3pm release of data, as usual). The market is expecting the soybean crop to hold steady (was 70% good-to-excellent last week) while the corn crop is expected to drop a bit (it was 73% G/E last week). The Pro Farmer Crop Tour starts today which will give the trade some additional opinions on crop conditions as the week progresses.
Corn 1 to 3 cents higher
Have a great day!