August 12th, 2015
Grain Marketing Specialist
August USDA report out at 11 am today! Contact your nearest Grain Marketing Specialist to have your targets in and working. Weekly ethanol numbers out this morning as well.
Corn Up 1 as of 7:45
The corn market took back most of what it gained Monday in yesterdays trade, ending the day down 14. Steady crop ratings, and a cooler and potentially wetter forecast into next week all contributed to pushing corn lower. The average trade guess for todays August USDA report is for a yield of 164.5 bushels per acre and 13.327 billion bushels of production.
Soybeans Down 3 as of 7:45
Soybeans took a beating yesterday to end the day down 23, just 8 cents shy of the 31 cents we gained during Mondays trade. China devalued the “yuan” by 1.9% making it more expensive to purchase and import beans. Weather still remains a huge factor for the soybean crop, forecasts remain mostly dry in the Midwest and hot in the southern plains for the next week
Wheat Minneapolis UP 4 Kansas City UP 3 as of 7:45
Wheat followed in Corn and beans footsteps yesterday and ended the day down. Minneapolis Spring wheat ended the day down 15, while Kansas City Winter wheat ended down 16. Wheat harvest in the Ukraine is said to be all but done at 98% harvested. Todays August USDA report is predicted to show a larger US carryout. With Argentina harvest starting in a couple months the rain in their forecast could cause damage to the crop.