EVENING COMMENTS AUGUST 16TH, 2019
August 16, 2019
Pro Farmer Tour beginning on Monday August 19th.
Corn: North Burt up 11 @ 3.58
- Corn prices turned higher on a bout of short covering after dropping to more than three year lows earlier in the week. The market appeared to be viewed as being overdone. The market awaits results of the upcoming crop tour.
- Closes: September at $3.71, up 10 ¼ cents, December at $3.80 ¼, up 9 ¾ cents, July at $4.05 ¾, up 8 cents and red Dec at $4.08 ½, up 5 cents.
- Gaps remain in tack in the September from $3.79-$9.85 ¼ and in the Dec from $3.88-$3.92 ¾.
- The December corn dipped down to $3.69 this week with its contract low sitting at $$3.63 ¾.
Soybeans up 9 @ $ 7.84
- Soybean prices traded higher as bargain buyers emerged along with signs of improving demand. Uncertainty continues over the ongoing trade war with China and how and when it will get resolved.
- Closes: November $8.79 ¾, up 9 cents, January at $8.93 ½, up 9 ¼ cents, July at $9.28, up 9 cents and red November at $9.38 ¼, up 9 ¼ cents.
- The USDA announced the sales of 297k tonnes of beans to an unknown destination for the current marketing year. There are three weeks left in the current marketing year.
- The Upper Midwest is expected to receive another rain event over the weekend, which should be beneficial for the developing soybean crop.