FOR FRIDAY: (8/26) Soybeans headed south in a big way on Thursday after crop scouts inspecting Midwest fields found big pod counts in Illinois that led to speculation actual production may exceed USDA’s current forecast. Corn and wheat futures also closed lower, with corn moving down with soybeans. Losses in corn were kept in check by today’s big new-crop export sales and by the tour estimating Illinois yields under USDA latest 200 bpa forecast.
Weather forecasts remain favorable for corn and soybeans with wet conditions this week in the Midwest. Next week is expected to be hot and wet. Attention is on a possible hurricane developing the U.S. Gulf that could move into the Mississippi River delta and disrupt corn harvest there. Forecasters should have a better idea of the storm’s development and path in the next day or so. Need something like that to create another move up into early September to allow more hedging and cash selling before harvest pressure hits.
Time to take profits on short hogs. Cattle need a 2-3 day bounce for us to have any risk/reward to be selling.
