PM Comments 8/22/2014
Friday, August 22, 2014, 4:08 PM
Submitted by: Joel Pudenz
Corn and soybean futures closed higher today, attempting to gain back net losses on the week. Soybeans lost 10 cents and corn lost 5.5 cents this week, both under pressure from non-threatening/helpful weather forecasts and rain events throughout the Midwest. Pro Farmer tour results showed total corn production at 14.093 bln bu., slightly higher than USDA projections. Soybean estimates were 3.812 bln bu., slightly lower than USDA projections. September (old crop) soybeans were the outlier today, settling 30 cents higher. Cash values continue to firm from slim soybean/meal supplies and strong crush margins. The cattle on feed report (released after the close) showed stronger-than-estimated cattle on feed and placement numbers, which may support the corn market when it opens for next week.
Corn closed 2 to 3 cents higher
Beans closed 1 to 3 cents higher, 30 cents higher in September
Have a good weekend!