AM Comments 08/14/13
Wednesday, August 14, 2013, 8:00 amSubmitted by: Dustin Weiner
Good morning!
Our markets are mixed this morning with soybeans down while corn hovers around unchanged. Corn is finding a little bit of support after the collapse yesterday (which made new contract lows in Dec corn). Soybeans are under pressure, maybe taking a breather after being up 45c over the first two days of the week. Dec corn is trading around $4.50 and Nov beans are around $12.25, the normal, historic corn:bean ratio normally hangs around 2.25 and it is at 2.72 this morning. This indicates that with limited chances for rallies in Dec corn, Nov beans could have some downside potential here in the short term.
Weather… the far western side of the corn belt, along with the western plains and southern belt are forecasted to receive rains over the next couple days – but rainfall chances (especially for Iowa) are shown to remain below normal. Temps will start to rise back to normal next week.
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