AM Comments 08/19/13
Monday, August 19, 2013, 7:46 amSubmitted by: Dustin Weiner
Good morning!
Our markets were higher last night, led by soybeans. There are mornings where we have a relatively long list of inputs to help describe the price action from the overnight trade – not this morning, right now we have just one: weather.
There has been a warmer, drier shift for the central Midwest particularly for Illinois and Iowa which is a direct threat to soybean yields. The dry areas of central/western Iowa sure look like they will stay dry from now until the end of the August. This of course is allowing the trade to put a weather premium back into the market – rallying Nov beans to new highs for the move.
This afternoon we will get the weekly crop ratings from the USDA, the trade is anticipating anywhere from a 1-3% drop in good-to-excellent ratings in today’s report.
Opening Calls
Corn 7 to 10 cents higher
Soybeans 15 to 20 cents higher
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