Good Morning! Paul Georgy with the early morning commentary at 5:30 am.
Grain futures are mixed with corn lower, soybeans and wheat are higher. The volume is light and markets have been in a narrow trading range.
Traders Focus Today: Russian forces in Ukraine, SDS in soybeans and possibly too much rain for WCB. Traders will also be adjusting positions before the long weekend.
Today is the last day to input your farms yields to be counted in the Allendale 25th Annual Yield Survey. The results of the survey will be released on September 3rd at 7:30 am.
Randy Melvin from the Allendale Branch office in Buffalo, ND says his clients are finding high levels of deoxynivalenol (DON) in the harvested spring wheat crop. Most early planted spring wheat is coming in at 3-7ppm. Many elevators are discounting about 40-60 cents for a DON of 4-5 ppm. There is also some concern about wheat sprouting in the head with the weather we are having. Wheat harvest is not progressing at a very fast pace due to cool cloudy and wet weather.
Update - Morning Coffee:
Valero Renewable Fuels has resumed production at an ethanol plant in the Port of Indiana-Mount Vernon along the Ohio River that was shut down more than two years ago by its previous owner.
Today is first notice day for the September grain contracts. We should be getting that data any minute.
Americans are more anxious about the economy now than they were right after the Great Recession ended despite stock market gains, falling unemployment and growth moving closer to full health. Seventy-one percent of Americans say they think the recession exerted a permanent drag on the economy, according to a survey being released Thursday by Rutgers University.
We still have plenty of chances for rain across the Corn Belt today through midweek next week. Total rains can easily be half to 2" additional over what we have seen already. Coverage will be around 80%. There can be some embedded thunderstorms that create some locally higher amounts, but those will be the exception rather than the rule…Continue reading weather
Weekly Egg sets were up 2% from the same week a year ago while Broiler placements also came in up 2% from a year ago.
EU plans storage aid for butter, skimmed milk powder and certain cheeses to alleviate the impact of Russian restrictions on imports of EU dairy products, the European Commission says today.
August Cattle contract expires at noon today.
Beef values remain under pressure ahead of the holiday. Choice is down .52 and select is down 2.33. The CME Feeder Index is 218.23.
Pork cutout values are up .44. Futures traders are short covering before long weekend and hopes of good clearance at the retail counter due to its competitive value with beef.
Livestock markets open at 9:05 on Tuesday.
Markets as of 5:30 AM CDT
- Dec Corn -1 1/4
- Nov Beans +3 1/4
- Sep Wheat +3 3/4
- Oct Cattle +.17
- Oct Hogs +.92
- Sep Dlr -.04
- Sep S&P +4.25
- Oct Crude +.41
- Oct Gold -4.60
Chart of the Day
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