AM Comments 08/22/16
Monday, August 22, 2016, 12:08 PM
Submitted by: Dustin Weiner
Our corn and soybeans are starting the week lower after trading mixed for much of the overnight session (soybeans were a higher most of the night while corn was mostly lower). There isn’t much for news, the outside markets are a little negative (crude lower, US$ higher) which is applying a little pressure. The weather overall still looks pretty favorable but if there is an issue somewhere, it’s in the Delta – the wet weather there has delayed harvest and nipped the quality a bit.
Pro Farmer will be the main story today (and this week) as most are expecting ‘evidence’ to come out showing that the USDA’s corn yields were too high in that last report. Remember, Pro Farmer does NOT predict bean yields – all it gives are pod counts. The trade will of course try to use those but that is just one factor in determining bean yield. You can wait until the end of the day to see summarized reports but if you are a Twitter user, there are already yields/pictures/etc hitting the feed this morning. Use #pftour16 when searching - day 1 starts in both the West and the East and they meet in the middle on day 4 to wrap it up (map below).
Corn 2 to 4 cents lower
Soybeans 3 to 6 cents lower
Have a great day!
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