Daily Grain Comments

Corn futures were generally 2-3 higher today. Sep soybeans were 23 higher while Nov soybeans were 16 higher. Soybeans were supported early with news that China bought another 3-4 cargoes of new crop beans overnight. A new soybean sale to China was announced everyday this week. Sep soybeans were especially supported on fears that maturity of an already late crop could be further delayed by the return of cooler temperatures. Equity markets were supportive with the DOW up 155 points.

Pro Farmer completed their tour this week. They estimate US corn production at 12.807 billion bushels (160.1 avg yield)and US soybean production at 3.150 billion bushels (41.0 avg yield). This compares to USDA forecast of 12.761 billion bushels of corn and 3.199 billion bushels of soybeans.

US average diesel prices increased this week (week ending Aug 17) for the 4th week in a row. Average diesel prices are up 4% since the end of July but, still 37% below the same week last year. This corresponds to crude oil prices jumping 19% the last four weeks due mostly to hopes of world economic recovery.

Grain movement remains light in our area. Plenty of truck capacity is available when demand reappears.

Have a great weekend!
Mike Etienne