Edwards Market Thoughts

8/19/2019 8:05am                                                     

Much needed precip fell across the Midwest over the weekend overshadowing markets as of funds reported to longer corn than thought.  Funds are estimated as of Friday’s close to be long 19,527 contracts of corn and short 72,203 contracts of soybeans.

Dow futures up a sharp 276 points this morning on the heels of Friday’s 307 gains. Market strength credited to lower Bond yields lessening the threat of recession. Dow futures at 26,182 this morning.

Barrage of private crop production guesses this week with most noise from “Pro” Farmer crop tour kicking off today.

This year’s tour will measure more potential, than actual yield. Even with the immature crops, the tour will use the same methodology it uses in every field, every year.  With 1,400 samples of corn and 1,400 samples of soybeans by the end of this week, the tour will have a good idea of the crop’s potential, even though some of the tour leaders knows it won’t be easy. 

DTN Progressive Farmer completed their "digital" crop tour. Using mostly satellite data, they pegged the national corn yield at 163.2 bushels/acre, and the national soybean yield at 44.2 bushels/acre. Those are both clearly well below the USDA update we received on Monday, so add DTN to the list of analysts that are going to be either really right, or really wrong. 

USDA weekly crop progress report will be released today at 3 p.m. CST.  Trade is looking for corn condition rating at 58% GTE (57% GTE last week, 69% 5-year average).  Soybean condition rating at 55% GTE (54% GTE last week, 66% 5-year average).

 

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Local Weather
Weather radar map

Sioux Center, Iowa (51250)

Current Conditions: Sunny
Temperature: 77°F Dew point: 73°F
Humidity: 89% Pressure: 29.92 in. Hg
Wind: 6 mph From: Southeast

Forecast

Monday
Weather condition
Hi: 85°
Lo: 59°
Tuesday
Weather condition
Hi: 74°
Lo: 52°
Wednesday
Weather condition
Hi: 75°
Lo: 54°
Thursday
Weather condition
Hi: 76°
Lo: 59°
Friday
Weather condition
Hi: 76°
Lo: 61°

Zip Code:

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Siouxland Cash Bids
Name Delivery End Basis Cash Price Futures Price

View all cash prices...
Quotes retrieved on August 19, 2019, 09:50:11 PM CDT
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.
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Corn Receiving Alert

                                                                                                               

FREE Price Later

Siouxland will be offering "Free Price Later" delivery starting Monday December 3rd! This room will be based on first come first serve, if space starts getting filled up we may need to slow deliveries. If you have any questions please give Tom E a call 722-3906.

                                                          

 

Commentary
Cattle Strengthen on Monday -

Live cattle futures were up 17.5 to 27.5 cents in the front months on Monday. Feeder cattle futures closed Monday showing 32.5 cents to $1.10 higher

Cotton Down on Monday -

Cotton futures ended Monday 52 to 97 points lower. Parts of northern TX and the Southeastern US did receive some precipitation this weekend. The

Wheat End Monday Lower -

Wheat futures were down 3 to 5 1/4 cents in the nearby contracts on Monday. The weekly Crop Progress report from NASS showed 93% of the winter wheat

Ag Market Commentary -

Corn futures were down 5 3/4 to 6 1/4 cents on Monday as rains rolled across most of the Corn Belt over the weekend. The weekly Crop Progress report

Hogs Post Triple Digit Gains -

Lean Hog futures finished the day $1.70 to $2.075 higher on Monday. The CME Lean Hog Index was down 32 cents at $79.02 on August 15. The Fresh Bacon

Soybeans Decline on Monday -

Soybeans futures ended Monday’s trade session 12 3/4 to 13 1/4 cents lower. Meal futures were down $2.90/ton and soy oil 45 points lower. The US

Full commentary...


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