AM Comments 08/19/15
Wednesday, August 19, 2015, 8:08 AM
Submitted by: Dustin Weiner
The corn and soybean markets both put in marginal gains overnight as another day of the Pro Farmer Crop Tour gave the market a firmer tone (finding poor crops in Indiana, not breaking news – but not bearish). Final Pro Farmer results will be released Friday.
Cash movement from the farmer is still slow across the belt, which could also be lending a little support to futures/spreads/basis. Welcomed wet weather has pressured soybeans this week, with November futures briefly trading below $9 last night, only to bounce up off of it and trade higher. Weekly ethanol production numbers will be out today, expected to show average production on the week. While ethanol margins are still positive (10-15c) – they are well below recent history (was 50c a year ago).
Corn 1 to 2 cents higher
Soybeans 1 to 3 cents higher
Have a great day!