AM Comments 08/25/16
Thursday, August 25, 2016, 1:08 PM
Submitted by: Dustin Weiner
Our corn and soybean markets were mixed when we got in this morning with soybeans feeling pretty heavy (down double digits at one point overnight) after Pro Farmer found impressive pod counts yesterday in Illinois and Western Iowa. The outside markets are mixed to a little weaker today with most of those traders patiently waiting to hear Fed Chair Janet Yellen’s speech tomorrow. Everyone will of course be listening closely to see if they can glean any information about the timing of a potential interest rate hike.
At 7:30 this morning the export sales report was out showing impressive new crop sales in both corn and soybeans (especially soybeans). This popped the soybean futures market a quick 3 cents higher (from down 8c to only down 5c) and it will be interesting to see if this demand story can help beans can claw back to steady sometime today. Other than that – pretty quiet. Most expect Pro Farmer to find good yields today as they finish their tour, ‘meeting in the middle’ right here in central Iowa. This could limit any bullish feelings created caused by the strong export sales.
Soybeans 4 to 6 cents lower
Have a great day!
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