COMMENTARY 8/17/17

More showers scattered about the Delta today.

CORN

DOWN 2

Funds sold another 6k contracts and there beginning to be signs that the US may be becoming more competitive export-wise.  Joe Farmer has some big decisions and is running out of time on whether or not he’s going to try to carry all his old corn into harvest.  Some give up selling is being seen in areas that DID get rain and have a better crop growing.  Argentina is nearing the 85% mark on harvest completeness.  All this rain is making yc go down is causing beans to go up? !

 

BEANS

UP 8

Less than expected rains in IA and IL  with hearty Export Sales kept things green today though the forecast models look wetter.  Export Sales were way above  thoughts at 16.7 vs expectations of just 2 – 9 mill bu and the USDA announced a sale of 165kmt of optional origin to China! China lead the way for New Crop as well!  Outstanding sales have now grown to 188 mill bu!

 

 

WHEAT

DOWN 5

Lower despite that Export Sale were better than expected at 23.3 mill bu vs expectations of 11-22.  HRW is now getting close to being competitive in the world market for protein and could continue to see demand gr further as other world suppliers struggle with protein and quality.