Morning Comments August 8, 2018
Wednesday, August 8, 2018, 8:08 AM
Submitted by: Landus Cooperative
Corn steady to 2 higher
Beans steady to 1 higher
The average trade guess for corn yield in Friday’s report is 176.2 bu/acre. A year ago NASS estimated the corn yield at 169.5 bu/acre. The average trade estimate for the soybean yield in the WASDE report this Friday is 49.6 bu/acre, up 1.1 bu/acre from the July estimate and up .5 bu/acre from last year.
The USDA is expected to cut estimates of U.S. wheat production this Friday. All wheat production could be lowered 15 to 25 million bushels from their July estimate.
The EIA’s weekly ethanol production and stocks report will be out this morning. The trade is looking for another strong week of production with estimates coming in between 308 and 313 million gallons. The dollar index is trading lower this morning and crude oil is trading higher.
The Trump administration has unveiled details of its next round of tariffs against China due to take effect later this month against another $16 billion in imports, on top of the $34 billion salvo that triggered retaliatory tariffs against soybeans and other ag products. These tariffs would go into effect August 23rd.
Have a good day!