Thursday, August 9, 2012

Good morning!

Corn traded to all time record highs last night.  With the USDA’s monthly S&D Report coming out tomorrow morning (7:30am) it feels that there may be end users out there looking to buy corn on the board today, in fear of a bullish report tomorrow.  There are a few early yield reports that look very poor (corn picked this early usually is) so that could add to the strength of the market.  But really there isn’t a “new” story to talk about today.  This is just a thin, pre-report style of trade.  This report tomorrow will likely give us a price direction for the market between now and harvest (which is coming sooner that you think), so all eyes will be on it.

As for weather, there was another small system of rain that moved through the WCB yesterday, this rain missed the SE part of the corn belt, along with the central and southern plains – generally speaking everywhere else received 0.1’’ to 0.75”.

Currently
Corn is up 5 to 7 cents
Soybeans are up 8 to 12 cents
http://www.fccoop.com/markets/information.cfm

PAST 7-DAY RAINFALL:

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