STATELINE COOPERATIVE’S AFTERNOON COMMENTS AUGUST 2nd
Corn North Burt: up 11 @ $6.33
The market began the day mixed to lower on better performing rains in the WCB over the weekend. The course reversed to sharply higher as Sovecon lowered the Russian wheat crop and set the CME and KBOT contracts moving 30 cents upward. Helping to support the close was the GFS which pulled some of the anticipated rains slated for the WCB. The market will watch to see if the Euro model reproduces the GFS outcome this afternoon. The month of July has come to a close and thus the most crucial rains or lack thereof in the US have occurred. The finish of the US crop is now the concern, and the trade will look for rains in August to help with fill.
Soybean: up 4 @ $13.88
Soybean values tugged up to positive levels by wheat and corn as the soybean oil market kept any appreciable rally from occuring. Palm oil fell over 250 points overnight on China slowdown ideas and lower exports. China’s hog futures fell the equivalent of $4.90/cwt. US bean oil stayed negative even against a strong cash market because the US energy market was sharply lower. Crude oil fell $2.70/barrel and HO was down 6 cents/gal. Oil share pulled back a nominal .6% as that spread saw profit taking.
Burt, Iowa (50522)