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MARKET COMMENTARY

Morning Comments August 23, 2017

Wednesday, August 23, 2017, 8:08 AM
Submitted by: Landus Cooperative


Opening Calls:

Corn: 3 cents higher

Beans: 8-9 cents higher



Good morning!

 

Grains higher this morning with soybeans leading the way. Lower than anticipated pod counts from the crop tour and recent findings that imports of biodiesel from Argentina are being subsidized are supportive of the soy complex this morning. Farm Journal crop tour was in Indiana and Nebraska yesterday. Indiana yield estimated at 171.23 bpa, vs 173.4 in 2016. The tour estimated bean pod count down 600 pods per 3x3 ft square. Nebraska corn yields estimated at 165.4 vs the USDA estimate of 183 bpa in the August report. Their bean pod count was lower as well. In summary, the bean pods were significantly lower, as expected, but the corn yield estimates aren’t coming out as horrible as many thought they would. The next few days in this tour will be big as they will move tighter into the heart of the corn belt.

 

Weaker dollar today is also supportive of commodities. 

 

Have a good day!

 

 

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