Morning Comments August 15, 2018
Wednesday, August 15, 2018, 9:08 AM
Submitted by: Landus Cooperative
Corn steady to up 1c
Beans down 3c
Wheat down 7c
Grain markets started off the night firmer, but turned weaker as .25 to 1.0 inches of rains moved across some of the driest areas of Southern Iowa. The weather forecast has no major changes for the Midwest as average to above average rainfall is expected for the region through the first half of next week along with average temperatures. The same is expected in the Southeast, but the Northern Plains will continue to trend drier than normal.
The average trade estimate for NOPA’s soy crush is 161.75 million bushels of soybeans crushed in July versus 144.718 million in July last year. If this holds true it would be the largest July crush on record. This report is released today at 11 a.m.
Ag consultancy Celeres gave the first look at Brazilian production and acreage forecast for the 2018/2019 crop year. Producers are expected to harvest 119.6 MMT’s of soybeans, that’s an increase of nearly 1% from the previous year. Planted area is forecast to grow by 3.1% to 89.4 million acres.
The U.S. dollar is pushing higher, it has made new highs for the move and is trading at a 14 month high. On the other hand, energies and precious metals are weaker, with gold at a 20 month low.