Morning Comments August 6, 2018
Monday, August 6, 2018, 8:08 AM
Submitted by: Landus Cooperative
Corn steady to 1 higher
Beans 9-10 lower
The WASDE report will be out this Friday. On the last report, WASDE was using 176 bushels per acre for corn and 50 bushels per acre for soybeans. We don’t look for a lot of change in the August report. Crude oil and the dollar are trading slightly higher this morning. The U.S. and China continue having trade tensions. Lower global production concerns are pushing the wheat market up slightly. Keep in mind that if any of the wheat crop loses enough quality, it becomes a feed grain instead of a food source. If/when this happens, it starts to compete with corn. For now, the reduced production has helped corn prices, but that could change with further deterioration of the quality.
Crop conditions report will be released this afternoon. Rains over the weekend were very spotty, producing anywhere from no moisture to 4 inches.
Have a good day!