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MARKET COMMENTARY

Morning Comments August 28, 2018

Tuesday, August 28, 2018, 8:08 AM
Submitted by: Landus Cooperative


Opening Calls:

Soybeans down 1-2

Corn steady to unchanged

 

Yesterday, the September corn contract closed 1 3/4 lower settling at $3.46 3/4, and December was 1 1/4 lower at $3.61 1/2. The September bean contract closed 7 1/4 lower yesterday at $8.34 3/4, and November was 7 1/4 lower at $8.48 1/4. Corn followed beans and meal lower as funds are liquidating long positions after Pro Farmer's findings of a record soybean crop. Supportive to the market is strong export inspections last week for both corn and beans, and U.S. corn remains the cheapest feed grain in the world. The USDA announced yesterday that the soybean payment is $1.65/bushel with corn at $.01 on 50% of 2018/2019 proven production, split into two payments. Crop progress report out yesterday left rating the same but shows the crop 5% ahead of schedule, see chart below compliments of  Advance Trading.

 

Conditions    (Good + Excellent)

Corn Conditions

G/E: 68% TW vs. 68% LW, 62% LY

Soybean Conditions

G/E: 66% TW vs. 66% LW, 60% LY

Milo Conditions

G/E: 53% TW vs. 49% LW, 65% LY

Crop Progress Summary

Corn Dough

92% TW vs. 85% LW, 85% LY, 84% AVG

Corn Dented

61% TW vs. 44% LW, 42% LY, 42% AVG

Corn Mature

10% TW vs. NA% LW, 5% LY, 5% AVG

Soybean Setting Pods

95% TW vs. 91% LW, 92% LY, 90% AVG

Soybean Dropping Leaves

7% TW vs. NA% LW, 5% LY, 4% AVG

Milo Headed

93% TW vs. 87% LW, 90% LY, 90% AVG

Milo Coloring

55% TW vs. 46% LW, 48% LY, 52% AVG

Milo Mature

27% TW vs. 23% LW, 29% LY, 30% AVG

Milo Harvested

20% TW vs. NA% LW, 21% LY, 21% AVG

Spring Wheat Harvested

77% TW vs. 60% LW, 73% LY, 61% AVG

 

Don’t forget tomorrow, Wednesday, Landus Cooperative has a customer appreciation dinner at Seven Oaks Lodge following the Farm Progress Show, RSVP to your GMA or FSA, or call 877-778-2226. Hope to see you there.

 

 

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2321 North Loop Dr., STE 220
Ames, IA 50010
515-817-2100
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