AM Comments 08/07/15
Friday, August 7, 2015, 8:08 AM
Submitted by: Dustin Weiner
Today looks to be fairly slow which is fitting as the markets have been uneventful this week. Beans are up just 8c on the week while corn is pretty much unchanged on the week. Not a lot of action. The USDA will grace us with another S&D next Wednesday which should provide a spark one way or the other. The average trade guesses for 15/16 production: the corn crop is expected to slip down to 13.332 billion bushels (USDA was 13.53 before) with a yield of 164.7bpa and the soybean crop is expected to slip down to 3.742 billion bushels (USDA was 3.885 before) with a yield guess of 44.8bpa. This is all “in the market” today and any major deviations from that on Wednesday should cause prices to react accordingly.
Other than that, as I said before – it is quiet. There was a flash announcement from the USDA at 8am this morning reporting a sale of soybeans for the 15/16 crop year which could add some support to the soy complex. The weather forecast look a bit dry for the next two weeks which may start to impact soybeans a bit as they finish out August but for the most part things are looking OK.
Soybeans 3 to 5 cents higher
Have a great day!