Morning Comments August 11, 2017
Friday, August 11, 2017, 8:08 AM
Submitted by: Landus Cooperative
Corn steady to +1
Beans +5 to +6
USDA’s WASDE report surprised almost everyone yesterday. They estimate the 2017 U.S. corn yield at 169.5 bu./acre, which was one full bushel above the highest estimate from analysts. If realized, this would give us 2.273 billion in carry over this time next year. Soon after the report was issued, we were down double digits, and finished the day -15 for corn.
In soybeans, they released another big surprise, with an expected average yield of 49.4, again well above the range of estimates of 46.9 to 48.0. With this, the ‘17/18 carry over is estimate at 475 million. Starting with 20 lower right after the report, we finished the day -33.
So, we’re seeing a little bit of a bounce this morning, but not near enough to make up for yesterday.
**Reminder to anyone that has grain on a Price Later contract with Landus Cooperative:
· Our pricing deadline is fast approaching and we have established our roll over rates as follows:
· Corn 8 cents/bushel
· Beans 4 cents/bushel
· PLUS approximately 3 cents/bushel per month for both (this is prorated daily).
· If you have not signed the proper paperwork to roll it over by the deadline, it will be priced, the check will be sent, and it will be too late to defer the payment.
· Please make sure you communicate with us if you want to do anything other than have it automatically priced and a check sent to you. Call your local office, your Grain Marketing Advisor, or our grain buyers in Ames (877) 778-2226 if you have any questions.
Member town halls continue next week. Check the schedule here: www.landuscooperative.com/news_release/landus-cooperative-members-invited-to-august-town-halls-aug-7-17
We also have a new mobile app available for download on your smart phone! Search “Landus Cooperative” on the Apple or Google stores for the free download. Today it includes cash and futures prices as well as weather. Coming soon will be harvest hours, scale-to-scale times and more. The app is free, give it a try today!
Thanks and have a great day!