Morning Comments 8-28-13

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

Good Morning,

          Corn futures closed 16 cents lower on old crop and 14 cents lower on new crop as funds liquidated some of their positions on Tuesday. The latest forecasts increased the amount of rain in the 6 to 10 day time period for parts of the northern and eastern corn belt. Corn harvest is getting underway in Mississippi and will pick up in intensity over the coming weeks. There is also some talk that early harvest will start to take place in southern Illinois next week. Some 107 day corn that was planted in the middle of April will be ready to harvest next week with the hot and dry weather pushing it along. It will be interesting to see what kind of yields this will produce. The soybean market closed down 14 cents on old crop and 19 cents on new crop on Tuesday on increased chances of rains across parts of the Midwest for the weekend. The crop progress report on Monday showed a 4% deterioration in the crop from the previous week. Recent hot and dry weather will likely continue to lower the crop ratings again next week. The Pro Farmer Crop Tour put the soybean crop at 3.158 billion bushels with a national yield of 41.8 BPA. USDA's last estimate put the soybean crop at 3.255 billion bushels with a yield of 42.6 BPA. Ending stocks for soybeans next year could come in again at a critically tight 130 million bushels if yields continue to drop. Currently corn is trading 3 cents lower, beans are down 2 1/2 cents and wheat is trading 4 cents lower.

Back