AM Comments 08/10/15
Monday, August 10, 2015, 7:08 AM
Submitted by: Dustin Weiner
After trading sharply higher Friday, soybeans popped higher again last night which puts them at the highest levels since July 24th. It feels like there are two inputs into the soybean rally – first, old crop ownership is hard to come by which has pushed the inverse between old crop and new crop higher. Second, most everyone in the trade seems to think that the USDA report Wednesday will shrink the carry-outs for both this year and next year and we seems to be pricing that in now.
Other than the bean rally, it seems quiet. Some small concerns over dry August weather but for the most part that is a non-event. We will get the USDA’s weekly crop ratings again this afternoon but the real juicy USDA data will be out Wednesday AM with the next S&D.
Corn 3 to 5 cents higher
Soybeans 6 to 10 cents higher
Have a great day!