AM Comments 08/07/13
Wednesday, August 7, 2013, 8:05 amSubmitted by: Dustin Weiner
Good morning!
Nothing exciting happened in the overnight trade last night, it looks like there was an attempt to bounce the market higher off of recent losses. It will likely take more than a small technical bounce to turn these charts around as both Dec corn and Nov beans hover near their lows.
With the weather forecasts and current crop conditions clearly not supporting an upside move – maybe a USDA report will give a gift to the bulls? Tomorrow morning is the weekly export sales report and Monday morning is the monthly S&D report, you never know...
Here are the current average trade estimates for Monday’s report:
· Corn Production
o 13.980 billion bushels using a yield of 157.7 bpa
· Soybean Production
o 3.338 billion bushels using a yield of 43.5 bpa
· Corn Carryout
o 12/13: 725 million bushels (it was 729mb in July)
o 13/14: 1.971 billion bushels (it was 1.959bb in July)
· Soybean Carryout
o 12/13: 122 million bushels (it was 125mb in July)
o 13/14: 263 million bushels (it was 295mb in July)
Opening Calls:
Corn steady to 2 cents higher
Soybeans steady to 3 cents higher
Past 24 Hour Rainfall Map:
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