Morning Comments August 24, 2017
Thursday, August 24, 2017, 8:08 AM
Submitted by: Landus Cooperative
Corn steady to slightly higher
Beans +4 to +5
Corn was pretty much unchanged overnight. However, we continue to note fund selling, pushing recent lows even lower. The Farm Journal crop tour continues today and will be moving on to their final destination in Rochester, MN where both legs of the tour culminate. See below for some info regarding Iowa crops. From the “grasping at straws” file: a tropical storm, now hurricane, named Hato is tracking across Southern China today. There is concern about the sugarcane crop quality due to excessive rains. “IF” their sugar crop is diminished, it could lead to more production of High Fructose Corn Syrup, but that is a big IF and a large jump in potential positives for the U.S. corn farmer. Time will tell.
For soybeans, we’re seeing strength in soy oil, due to biofuels, and this is giving soybean values a boost. Recent rains across a wide swath of the Midwest could/should improve soybean yields, but will most likely pressure the markets once harvest begins and results confirm this.
WESTERN IOWA: Corn yields lower than last year.
NW dist -8 bpa (#1 corn dist. in IA), W dist (#2) -3 bpa, SW dist (#7) -6 bpa.
WESTERN IOWA: Expectations for soybeans notably down from year ago.
Pods in 3x3’: NW (-20% from 2016), W (-9%), SW (-18%).