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Commentary

Grain Commentary By Jeff Thatcher

Thursday August 22nd
 
Corn: +3/4
 
After trading both sides of unchanged throughout the day, the corn market ended just slightly higher.  Both the September and December contracts finished just fractionally higher after trading in a 7-8 cent range.  Early morning support was seen from reports that President Trump was meeting with the Ag secretary along with the head of the EPA to discuss the recent backlash over the refiner waivers.  The morning weekly export sales report was again disappointing with just minimal old crop sales reported along with just 12 million new crop sales.  New crop sales stand at less than half that of year ago currently.  ProFarmer continues to find variable yield estimates with their final number being released in the morning. 
 
Soybeans: -4 ¼   
 
Soybeans spent the early part of the session higher, but faded through the day to finish with a modest loss.  November futures were just over 4 cents lower on the day after trading nearly a dime higher shortly after the morning re-open.  Soybean products were also lower on the day with soybean oil and meal ending just modestly lower.  Soybean export sales were reported at just 1 million bushels as we finish the marketing year.  New crop sales were just over 29 million bushels bringing bookings to 193 million bushels.  New crop sales at this time last year stood at 464 million.  Reports from the ProFarmer tour continue to show many disappointing pod counts with crop maturity behind the normal.