PM Comments 8/27/2014
Wednesday, August 27, 2014, 4:08 PM
Submitted by: Joel Pudenz
Corn futures spent most of the day lower, closing even on the day with a late session rally. Ethanol numbers were a touch on the disappointing side, dropping 2.6% in production from last week (ethanol stocks were also down, somewhat offsetting the bearish production number). The weekly export sales report released tomorrow is expected to show corn sales between 17 and 29 million bushels and new crop beans between 27 and 36 million bushels. Any deviation from these expectations will cause the market to react accordingly – particularly to the downside. Looking forward, the market will be eyeing a progressing Delta bean harvest as early yield reports indicate stronger numbers than last year.
Corn closed even to a ¼ cent lower
Soybeans closed 3 to 4 cents lower
Have a good night!