AM Comments 08/12/13
Monday, August 12, 2013, 7:48 amSubmitted by: Dustin Weiner
Good morning!
The USDA’s monthly S&D report is out at 11am this morning. Soybean futures traded higher overnight – traders look like they are expecting lower soybean acres and yield in this report and are positioning themselves that way.
Trade estimates of the 11am S&D report:
There were beneficial rains that fell across the NW corn belt this weekend – the driest areas of the western belt are improving but the forecast over the next 6-10 days is dry with temps staying cool this week, but warming up a bit starting early next week.
Later this afternoon we will see our updated weekly crop ratings – most traders are expecting U.S. good-to-excellent ratings to hold steady or maybe dropping 1%. Overall it should be a non-event.
Opening Calls
Corn steady/mixed
Soybeans 8 to 12 cents higher
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