After two days of heavy Fund selling (sold a net 38K) and near 14 cent price drop, corn catching its breath overnight. Last two days have seen Funds buy 10K soybeans and have rallied price a dime. SX/CZ spread at $2.43 this morning and up from the low water mark of 1.98 June 11th.
At 0630 CZ19 trading $0.02 33/4 higher at $3.61 ¼ with SX19 $0.01 ¾ higher at $8.77 ¼. KC and Chi wheat $0.05 higher.
Dow futures 227 higher this morning at 26,599 on trade talk resumption in October. Crude oil trading a scratch lower at $56.10. USD $ Index after making a new high for the move Friday sharply lower again this morning.
FCStone yield survey released yesterday had corn yield of 168.4 and soybeans at 48.3 bpa. Corn yield was up 1 bpa from our initial Aug estimate and soybean yield up 1.1 bpa. Current estimate compares to Aug USDA at 169.5 and 28.5 bpa.
Allendale estimated 2019 U.S. corn yields at 167.7 bpa. Their Soybean yield pegged at 46.1 bpa
USDA Monthly Supply / Demand next week on the 12th.
US Pork exports to China in July were 460% above a year ago and 286% above two years ago.
CZCN hit 29 ½ yesterday. Trading 28 ¾ this morning.
Export sales delayed until tomorrow due to Labor Day Holiday Monday.
Another round of bottom pickers at work in corn today? Have seen a couple clear instances where those trying to pick a bottom in the corn market have been recycled. Third time a charm? Just might be…….
INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.
E- mail: Bruce.Nelson@IFCS.com
1075 Jordan Creek Parkway Suite 300
West Des Moines, IA 50266
800-422-3087 Ext 3791