Daily Comments
STATELINE COOPERATIVE’S AFTERNOON COMMENTS AUGUST 10th
Corn North Burt: up 2 @ $ 5.59
December corn ended up 2 cents at $4.96 ¼, holding support above its lowest prices of the year on a quiet day.
- Close: Sept 4.83 ¼, 2 ¼; Dec. 23 at 4.96 ¼, up 2; Dec. 24 at 5.14 ½, up ½.
- According to a DJ survey, USDA is expected to lower its estimate of U.S. ending new-crop corn stocks from 2.262 billion bushels to 2.179 billion bushels, a minor adjustment that remains bearish for prices.
- The survey also expects USDA to lower its yield estimate from 177.5 bpa to 175.4 bpa.
- Spreads: U/Z 13 cents carry, Z/H 13 ¾ cent carry.
Soybean: up 10 @ $13.18
November soybeans closed higher 9 ¾ cents at $13.18 ¼, a third day higher as prices hold support above the 100-day average at $12.90.
- Close: Aug 14.12 dn 19 ½; Nov 13.18, up 9 ¾; Jan. 24 13.28 ¼, up 9 ¾.
- Soyoil – Sept. at 64.18 dn 0.03 cents.
- Soybean Meal was higher – Sept. 415.0 up 2.3.
- The DJ survey expects USDA to lower its yield estimated from 52.0 bpa to 51.2 bpa, enough to bring USDA’s estimate of U.S. new crop ending stocks down from 300 mb to 261 mb.
- Recent rains have provided significant help to crops since the farmer surveys were gathered so it will be interesting to see what USDA says.
- Spreads: Q/X 93 ¾ cent inverse, X/F 10 cent carry, X/H 13 ¼ cents carry.