Tuesday Afternoon Comments (8-23-16) Corn futures finished 4 to 5 cents lower as corn ratings continue to argue for the potential for good crops. Corn in the good to excellent category improved by 1% to 75% good to excellent. Illinois was steady at 84% good to excellent and Iowa at 83% good to excellent. Ohio and Indiana both got 2% better as recent rains have helped stabilize the crop. Corn maturity continues to move along with dough at 85% (76% avg.), and dent at 40% (avg. at 35%). The ProFarmer crop tour is ongoing with South Dakota and Ohio yield estimates issued last night. The tour put South Dakota near 150 bpa versus the USDA at 147. Ohio was estimated at 149 bpa versus the USDA at 163. Both of these states had prolonged dry periods this summer so the lower yields were not a surprise to the trade. The tour is expected to find better yield potential as it moves across the cornbelt, which would coincide with the crop ratings and the USDA’s state by state yield estimates. Indiana and Nebraska estimates should be given tonight with the annual Illinois gathering in Bloomington tonight. Corn was also pulled lower by wheat today. There is just too much wheat domestically and in the world. Canada wheat production numbers were out this morning with 2016 wheat at 30.5 MMT versus 27.6 MMT in 2015. Canola production was estimated at 17.0 MMT versus 17.2 MMT in 2015.
Soybeans closed weaker on a fairly quiet day overall. In recent days, the bean market seems to be following the daily announcement cycle. On days where an announcement of a bean sale is made, the trade is reminded of the good demand profile and tries to bounce. On the days where no confirmation is made, the bean market seems to be disappointed and tries to work lower. Today was a day with no sales reported so a weaker tone was noted. Also, aiding the decline was a steady rating for soybeans in the good to excellent category. The rating was kept at 72% good to excellent. Illinois was steady at 79% good to excellent and Iowa was also steady at 82%. Beans that are setting pods are 89% (85% avg.). There were no other bean maturity categories listed on a composite basis. The ProFarmer crop tour doesn’t put a bean yield to its findings on the tour, but does count pods. South Dakota pod counts were down 8% from a year ago. Ohio was down 6% from the year prior.
Corn Condition: US 75% G/E vs 74% G/E LW; IL 84 % G/E vs 84% LW Bean Conditions: US 72% G/E vs 72% LW; IL 79% G/E vs 80% G/E LW
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Comments from Mid-Co Commodities.
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