Good Morning to All: At the early morning break, we find the grain markets all trading lower. Old crop/new crop corn and soybean spreads are under pressure as traders are looking to liquidate long spread positions as we get closer to harvest. Fund rolling out of long September positions and into new crop positions (or just getting out) will pick in earnest as we get through the week. CU is 9c lower while CZ is trading 5c lower. SU is trading down 23c with new crop SX down 9c. Chicago wheat is 3 to 4c lower across the board. Informa Economics (formerly Sparks) will be out mid- morning with their crop estimates. The next USDA report comes out on Monday, August 12 and we’ll get a look at their revised soybean acre estimates as well as the usual supply/demand numbers. Crop Progress report is due out this afternoon at its usual 3:00PM CT time and the trade is looking for some slippage in WCB ratings and steady in the ECB. Weather-wise the 6 to 10 day shows below normal temperatures in the eastern and western corn belt with average precipitation to the south and below normal in the northern areas. Western Iowa still seems to have dryness concerns as recent showers seem to have benefitted most other areas. The markets will be on watch for timely rains during August to make the soybean crop. In the livestock sector, cattle futures are called mixed while hog futures are called 20c to the plus side. In the macro/financial markets we have nearby Crude Oil trading 97c lower at $105.99/bbl. September Gold is trading $.90 lower at $1305.30/oz. The U.S. Dollar Index is 10 ticks higher. Dow Jones futures are pointing to a 20 point lower opening on Wall Street later this morning. Trade well and be safe, Frank Chapman Regional Grain Merchandiser Consolidated Grain & Barge Company
Posted on: Mon, 05 Aug 2013 12:50:15 +0000
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