Morning Comments August 9, 2018
Thursday, August 9, 2018, 8:08 AM
Submitted by: Landus Cooperative
Corn steady to 1 higher
Beans 1 to 2 lower
Average trade estimates for tomorrow's USDA report are the talk of the market this morning. Average corn production estimate is 14.396. Average yield estimate is 175.9. Average soybean production estimate is 4.412 and the average soybean yield estimate is 49.7. World ending stocks for corn average estimate is 190.8 and for soybeans the average estimate is coming in at 95.6. Generally, the market feels like the USDA will post a firmer yield number on corn and soybeans vs. last month. This is considered the most “important” report of the summer as it’s the first “surveyed” yield report (USDA uses yield survey results vs. models or assumptions).
Weekly export sales released this morning were near the top side of trade estimates with 21 mln bu of old crop corn sold and 26 mln bu of new crop corn sold. Soybeans were also near the top side of estimates.
The dollar index is trading higher this morning and crude oil is steady. Equity markets are showing continued strength with Dow futures trading over 25,500 and nearby S&P 500 nearing 2,900.
Price Later contracts will need to be priced or rolled over prior to August 17th at 1:00PM.
Have a good day!