AM Comments 08/27/13
Tuesday, August 27, 2013, 7:53 amSubmitted by: Dustin Weiner
Good morning!
We drifted lower overnight (on good volume) after yesterday’s big move that saw the funds come in and buy both corn and soybeans. The market saw decent farmer selling across the country yesterday in both commodities and basis is weakening a bit because of that.
The outside markets are mixed, crude oil is sharply higher, the $US is also higher and the DOW futures are a little lower.
The weather still looks hot and dry, but if you dig down into the details the heat may be not quite as intense, meaning the forecast is a little milder than yesterday (emphasis on ‘a little’). Would not be surprised to see a two-sided trade today as people attempt to digest what this record heat means for the soybean crop.
Opening Calls
Corn steady to down 2 cents
Soybeans down 2 to 4 cents
Last week’s drought monitor (a new one comes out this Thursday):
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