Morning Comments August 1, 2017
Tuesday, August 1, 2017, 8:08 AM
Submitted by: Landus Cooperative
CORN: Sep futures closed 3 ½ cents lower with cash bids ranging from $3.17-$3.19
New crop futures closed 3 ¼ cents lower with cash bids ranging from $3.32-$3.35. Corn futures were lower yesterday as the two-week weather forecast across the Midwest calls for temperatures to run much cooler than average. Rain chances are also improving for the lower Midwest during the 8-14 day period. The crop conditions report released yesterday afternoon showed the national corn good/excellent rating dropped 1% to 61% (compared to 76% last year), while Iowa lost 3% dropping down to 65%. The trade will now turn most of its focus on the August WASDE report that will be released on the 10th. Yield will be the focal point as this is the first report where actual field data is used in estimates. Overnight markets closed 1-2 cents lower.
SOYBEANS: August futures closed 6 ¼ cents lower with cash bids ranging from $9.30-$9.32
New crop futures closed 5 ¾ cents lower with cash bids ranging from $9.29-$9.25. The combination of better rain chances and larger bean deliveries than expected against the August contract weighed on futures yesterday. The crop conditions report showed the national soybean good/excellent rating improving 2% to 59% (compared to 72% last year), while Iowa lost 2% dropping down to 60%. The increase in the crop conditions rating did catch the trade a bit off guard which is pressuring prices this morning. Overnight markets closed 12-14 cents lower.