Wednesday, August 9, 2017

Ag Commodities: Ahead of Tomorrow's USDA Supply/Demand Report, Small Upticks

This month and next the reports can really shake things up if the specs get caught on the wrong side of a move.

Symbol Last Chg
Corn 384-2+0-4
Soybeans 975-0+1-6
Wheat 459-0+2-0

From Agrimoney:
AM markets: grains edge higher, amid pre-Wasde calculations

Grains started off by putting a foot in positive territory, although whether they stay that way…
The weather forecast is one key determinant, of course, with prices in the last session swinging forward and backwards, with a little late recovery, on shifts in the outlook.
'Quite striking', while seeing a wet close to August, was less upbeat about immediate prospects.
"Most the Midwest will not see significant rain over the next 10 days," the weather service said.
Talking of the chance of getting more than inch of rain over the next 10 days, the weather service said that "for many areas in the Midwest the probabilities under 30% which is quite striking".
"Ensemble [weather] model agreement is very strong that the heart of the Midwest remains essentially dry all the next five days," although temperatures look like remaining below average, and even well below, limiting the threat of evaporation.
'Feels like late September'
Benson Quinn Commodities put it that "rains continue to miss short areas", with the market focusing in the main on Iowa and Illinois, the top corn and soybean growing states.
"But cool temperatures also reduce stress and the moisture required."
That said, coolness also means "slowing" the rate at which a crop like corn "adds yield", the broker said.
And in soybeans, "we are also hearing from some in our trade territory that with beans short, the cooler weather is not necessarily ideal with crops in reproductive phase as beans like heat to fill out"....MUCH MORE