PM Comments 8/25/2014
Monday, August 25, 2014, 4:08 PM
Submitted by: Joel Pudenz
Reaction from weekend rains pressured futures prices lower today, which was the common theme for corn, soybeans, and wheat at the close. Dry areas that needed a shot of rain got it and the 5-day forecast shows Eastern NE and Western IA getting another couple inches (see below). Both corn and soybean export inspections were on the strong side of expectations today, but still below the averages needed to meet USDA projections – which added more pricing pressure. Crop ratings improved this week for corn, up 1% nationally to 73% G/E. Iowa stayed steady at 75% rated G/E. Last year at this time, corn was rated 59% G/E nationally. Nearby soybeans closed 40 cents lower today on fund liquidation, with weather pressuring new crop prices down 13 cents. Soybeans showed a slight decline of 1% in G/E ratings, coming in at 70% rated G/E. Last year, we were at 58% nationally. Iowa remained unchanged from last week at 73% rated G/E.
Have a good night!
Corn closed 4 to 5 lower
Beans closed 40 lower in Sept., 11 to 13 lower for forward months
5-day Precipitation forecast