MARKET COMMENTARY
AM Comments 8/19/2014
Tuesday, August 19, 2014, 8:08 AMSubmitted by: Joel Pudenz
Corn and soybean futures are both lower at the 7:45 break, corn 3 cents lower and beans a nickel lower. The first of the Pro Farmer tour yield estimates are in: Ohio is 182.1 bpa vs. 177 from USDA and South Dakota is 152.7 bpa vs. 139 from USDA. The market might pay a little bit of attention to this, but is more focused on the crop ratings from yesterday’s report and upcoming weather forecasts. Corn ratings released yesterday showed a slight drop in G/E ratings, 72% this week vs. 73% last week. Iowa improved on the week in G/E ratings, increasing to 76% this week vs. 75% last week. Soybeans improved 1% from last week, coming in at 71% G/E nationally. Weather forecasts are continuing to remain favorable with some heat pegged for this weekend and then a return to cooler temperatures with above average precipitation.
Opening calls:
Corn 2 to 3 lower
Soybeans 5 to 7 lower
Have a great day!
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