Morning Comments 8-23-13

MORNING TRADE : CORN, BEANS AND WHEAT ARE ALL TRADING HIGHER THIS MORNING. 

Good Morning,

         Corn futures closed 10 cents lower on old crop and 19 cents lower on new crop as rains moved across portions of Iowa, Minnesota, Wisconsin and Illinois. The Pro Farmer Midwest Crop Tour completed its survey of yields throughout the Midwest yesterday and will give their overall results later today. The markets will soon start to focus on the hot and mostly dry forecasts for the next 7 to 10 days. The trade is still worried about yield potential in those areas that missed the rains yesterday. In the Delta, harvest should begin to pick up as warmer temperatures and below normal precipitation will allow farmers to return to the fields. The soybean markets closed down 11 cents on old crop and 17 cents lower on new crop on Thursday. Better than expected rains across parts of the Midwest, lowered the grain bids. Sales of 187,000 metric tons of beans out of China's reserves also weighed on the markets yesterday. Soybean export sales came in below expectations at only 800,000 bushels for old crop and 34 million bushels for new crop. Decent rains fell in Northern Iowa, Wisconsin and Northern Illinois which will help the soybean yields immensely in those areas. The areas that missed the rains, however, will notice yield loss in the coming weeks if the hot and dry weather forecasts hold up. Currently corn is trading up 7 cents, beans are up 17 cents and wheat is 3 cents higher.

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