AM Comments 08/02/13
Friday, August 2, 2013, 7:50 amSubmitted by: Dustin Weiner
Good morning!
The markets were pretty quiet overnight with born corn and soybeans trading in a narrow range. The rains that ‘coulda/shoulda’ hit Iowa last night were pretty disappointing. However, South Central to SE Nebraska along with NE Kansas got a nice shower – benefitting the dryland corn in that area. There is another system currently in South Dakota that should bring some much needed rains into parts of Iowa. Overall the weather forecasts remain nonthreatening with cool and wet being the basic theme.
Farmer selling this week has been limited which is still allowing old crop basis to leak higher. If you remember, the initial rumor that collapsed the soybean market over a week ago was that China was going to release soybeans into its own market from their gov’t reserves. We are now hearing that the first reserve auction will be held next week, so it appears the rumors are true. It will be interesting to see what price those beans get sold at in this auction…
Outside markets… not a major factor today. Crude oil is a little lower, gold is a little lower, the $US is a little higher and the Dow futures are pretty much unchanged.
24 hour Rainfall Map:
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