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MARKET COMMENTARY

Morning Comments August 8, 2018

Tuesday, August 7, 2018, 8:08 AM
Submitted by: Landus Cooperative


Opening Calls: 

 

Corn steady to 1 higher

 

Beans 9-10 Higher

 

 

Yesterday afternoon the USDA’s weekly crop progress and crop condition rating reports were out and came in as follows: 

 

Corn Crop Condition Rating (% rated good/excellent)

Bean Crop Condition Rating (% rated good/excellent)

National: 71% vs. 72% last week and 60% last year

National: 67% vs. 70% last week and 60% last year

Iowa: 75% vs. 78% last week

Illinois: 75% vs. 75% last week

Illinois: 81% vs. 80% last week

Iowa: 74% vs. 77% last week

Nebraska: 85% vs. 86% last week

Minnesota: 74% vs. 75% last week

Minnesota: 77% vs. 79% last week

North Dakota: 73% vs. 82% last week

 Indiana: 71% vs. 69% last week

Indiana: 68% vs. 67% last week

 

 

The corn crop continues to develop rapidly, with 57% in the dough stage, 20% of normal and 12% already dented, twice the five-year average. That has raised concerns a short time for fill could limit overall yields. Export inspections last week of 50.7 million bushels easily beat the weekly rate needed through August to reach USDA’s forecast for the 2017 crop.

 

Bean export inspections last week of 32.8 million bushels beat expectations and the weekly rate needed to reach USDA’s forecast for the 2018 crop.  According to the USDA for beans, 75% of the crop was setting pods, compared with a five-year average of 58%. 

 

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