Of course, the other big piece of news yesterday was the breakdown of how the $12 billion aid package will be distributed this next month. I will not go into detail here as to the breakdown, but it would appear the biggest recipients will be the soybean and hog producers. Signup to receive payments for those eligible begins September 4th.
As I commented previously, the grain markets overall did not appear to be overly excited about the news. I suspect this is partially due to the fact that we are quickly winding down a month and more importantly, are looking at harvest literally right around the corner. According to the update released yesterday, corn dented stands at 61% and mature 10%. These categories are 19% and 5% ahead of the 5-year average respectively. Beans dropping leaves was at 7% versus the average of 4%. Unless weather unexpectedly turns very wet, it would appear that harvest will be a week to 10-days early and ideally so will be the seasonal low. If correct, it would not be coming a minute too soon as we have pressed the corn/wheat/bean values down against the low ebb of trade for the past decade once again.