Market Commentary

August 6, 2013

Good Morning,
 
Yesterday afternoon the USDA raised the corn condition in the G/E category by 1% bringing it to 64%. They raised the ratings in IL, OH, NE, MO and KS while lowering it in IA and MN. Wisconsin came in at 60% G/E which is down 1%.
On Monday 8/12/13 the USDA will release its August S&D report which many that are looking for a bounce in the markets are hoping they will adjust planted acres lower. While this could happen, there is a good chance they will raise yield which most likely will negate any bullish support the acreage number would have supplied. Private estimates released over the last few days are expecting yields in the 158-161 bpa.  Read More

Commentary
Hogs Mostly Higher at Midday -

The majority of lean hog futures are recovering from Monday’s drops with 45 to $1.10 gains at midday. April contracts closed in the black on

Beans Recovering at Midday -

Soybean futures are clawing back some of Monday’s drops. Futures are 7 3/4 to 11 3/4 cents higher. The national average soybean basis from

Cattle Market Lower at Midday -

Follow through selling on Tuesday may leave basis in positive territory. There have been no physical deliveries scheduled through April 12, but

Cotton Higher on Turnaround Tuesday -

Turnaround Tuesday cotton trading has the board 90+ points higher for old crop and 26 to 47 points in the black for new crop futures. National

Corn Back Up Double Digits -

Turnaround Tuesday has futures rallying. Old crop futures are 11 3/4 cents to 12 cents higher so far. Basis continues strengthening as well, as

Wheat Back Up on Tuesday -

The Tuesday wheat complex is in the black at midday. CBT wheat futures are 4 1/4 to 5 3/4 cents in the black. KC HRW wheat futures are trading 6 1/4

Full commentary...
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