STATELINE COOPERATIVE’S AFTERNOON COMMENTS AUGUST 5th
Corn North Burt: up 10 @ $6.30
Weather forecasts improved a little for SW MN in the midday updates but otherwise they were unchanged today. There were some modest showers that crossed the WCB the last 24 hours and there are a few more events due for the Upper Midwest in the next 3 days. The extended outlook calls for near normal rainfall over the next 10 days. Another firm released their yield estimates for the US corn and soybean crops. IHS Markit (Informa) estimates the US corn yield at 176.5 and soybeans at 51.5 bu/acre. With two surveys already out, there seems to be a consensus building about the direction of the corn yield. The soybean yield is still wide open as the month of August is the pivot which the crop rotates upon.
Soybean: up 3 @ $13.63
Soybean futures attempted another rally but gave up most of it by the close today. Improved weather outlooks over the next 3 days for the upper midwest give some hope to an improved yield for IA/MN/Dakotas. The Trade continues to liquidate its position in oil share with the spread giving up another .5% today. Soybean oil sales were near their minimum with 3.2 tmt sold last week vs 24.4 tmt a year ago. MYTD sales are running 586 tmt behind last year as high prices cut up export demand. More work being done by the cash market than with the futures market currently. Meal sales continue at normal levels with 135 tmt sold for 20/21 vs 104 tmt a year ago. Meal commitments equal to a year ago. Soybean sales were small as expected with 11 tmt sold for 20/21 and 425 tmt sold for 21/22.