Aug 8th 2014
Grain Marketing Specialist
Corn: As of 7:45- 2 lower
Ideas of a larger crop had corn erasing much of Wednesday’s gains. USDA will release monthly S&D numbers Tuesday with many thinking yields will be at or north of 170. Total production average estimates at 14.253. We are getting to the point that weather will be less of factor for much of the corn crop. I would be surprised if we break out either direction pre report.
Soybeans: As of 7:45- unchanged
Soybeans mixed yesterday as much of the soybean crop did receive rainfall. Just not in this area…. Export sales as expected. Average trade estimate for Tuesday report have yield at 45.583 and production at 3.823 slightly higher than July. This market may be in wait and see mode as we approach S&D numbers. Technically my indicators are mixed.
Wheat: As of 7:45- spring 2 lower, winter 5 lower
Lack of fresh news and export sales as expected had wheat closing lower after 3 straight positive days. Trade a little unsure about how the Russian import will affect things. Export sales basically as expected. Average trade estimate for Tuesday US wheat ending stocks is 663 mbu. For the morning we look to be slightly lower on week end positioning in front next week’s report. Technically all 3 of my indicators remain bullish.