Corn Higher on Weather Concerns — Daily Grain Highlights
Exports Jump: The Department of Agriculture said soybean export sales climbed to 1.4 million metric tons in the week ended Aug. 10 from 1.1 million tons the previous week. Higher soybean crush offers are also supporting soybean prices and Dalian soybean, soymeal and soyoil prices were also higher, ADM’s Steve Freed said in a note.
Hot and Dry: Corn futures climbed amid continuing concerns about hot, dry weather. Corn crops are mostly in good condition, but lack of rain earlier this year has left soil dry and rain is needed, says Jack Scoville of Price Futures Group in a note.
INSIGHTS
Tipping Back: Corn yields were slightly lower than expected in this year’s DFE survey, with the final adjusted yield coming in at 17 1/2 bushels below last year’s actual yield of 243.05 bushels per acre. Conditions are good this year, but not as good as last year, DFE’s Kim Craig said. The kernel count per ear was 543, nine kernels below the five-year average, and early planted corn had less tipping back than late planted corn, according to the survey.
AHEAD
–The USDA will release its monthly Cattle on Feed report at 3 p.m. ET Friday.
–The CFTC will release its weekly Commitment of Traders report at 3:30 p.m. ET Friday.
–The USDA will release its weekly grains export inspections report at 11 a.m. ET Monday.
–The USDA will release its weekly crop progress report at 4 p.m. ET Monday.
–The EIA will release its weekly ethanol production and stocks report at 10:30 a.m. ET Wednesday.
–The USDA will release its monthly Cold Storage report at 3 p.m. ET Wednesday.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
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