AM Comments 08/21/14
Thursday, August 21, 2014, 8:08 AM
Submitted by: Dustin Weiner
The weekly export sales report was released at 7:30am today and old crop sales were as expected for corn (small positive sales) and as expected for soybeans (small negative sales due to cancellations). As far as new crop… corn had ok numbers – pretty much in line with expectations while soybeans saw big new crop sales which popped the bean market up a couple cents upon release, nothing more.. Nothing major to see here.
Pro Farmer will be finishing up today in IA and MN. Yesterday their initial Illinois estimate came out at a record 197bpa – 9 bpa above the USDA! Early stories out of NW IA are also showing big numbers. Those should tail off a bit as that crew works further East and North.
Other than the Pro Farmer gossip – the markets are pretty quiet. The weather guys are keeping an eye on the dry parts of NE Iowa as well as watching this tropical storm down in the US Gulf. There is a nice bean crop that is due to be harvested here in a few weeks in the Delta – a tropical storm wouldn’t just screw with the timing of harvest, but it would potentially alter the quality of that crop, which is a big deal for the early export demand.
Corn steady to 1c higher
Soybeans steady to 2c higher
Have a great day!