Morning Comments August 21, 2018
Tuesday, August 21, 2018, 8:08 AM
Submitted by: Landus Cooperative
Corn down 2 to 3 cents
Soybeans down 3 to 4 cents
Rain across much of the Western Corn Belt putting downward pressure on the markets. Yesterday, corn futures closed down 2 to 3 cents in most contracts, most likely as a result of the rain coupled with downward pressure from the lower wheat market. 1.097 MMT of corn was shipped last week according to USDA’s Export Inspections report, down from the previous week but well ahead of this week last year. Monday afternoon’s Crop Progress report dropped the good/excellent rating for corn 2% to 78%, which is typical this time of year. The crop is still maturing well ahead of the average, further supporting the idea of an early harvest.
Soybeans looked like they were in a for a strong trade day yesterday morning, up 12 to 13 cents first thing. Enthusiasm about trade talks with China resuming was limited by the rain, and most contracts only kept fractional gains by the close. The crop progress report dropped the good/excellent rating another 1% to 65% and also indicated soybeans are setting pods ahead of the normal rate.
Limited news from the Pro Farmer tour so far, but we should hear more as they get closer to the center of the corn belt.