Morning Comments July 13, 2017
Thursday, July 13, 2017, 8:07 AM
Submitted by: Landus Cooperative
Corn -4 to -6
Soybeans -18 to -20
Rain makes grain!
Markets are under pressure this morning due to showers that moved across the Western Corn Belt yesterday. Additionally, the extended forecast is calling for higher chances of rain throughout the plains. The last few days have showed us just how volatile a weather market can be.
Yesterday, the USDA increased their 16/17 corn ending stocks estimate by 75 million bushels and increased their 17/18 corn production estimate by 190 million bushels. This put immediate pressure on corn as the nearby closed down 16 1/4.
For soybeans, the USDA’s numbers were a bit friendlier. The 16/17 ending stocks estimate decreased by 40 million bushels while the 17/18 production estimate increased by 5 million bushels. Due to the large soybean crop in South America, Brazil may be a major player in the export market until late October. This puts pressure on U.S. soybeans because we may lose export market share during harvest.
Additionally, Landus Cooperative is working on a mobile app that will enhance our customer’s experience with the company. Currently, we are looking for feedback on what you, the producer, would like to see on the app. If you are interested, please take no more than five minutes of your time to fill out our quick survey here:
Thank you for your help!