8.14.2018 Corn futures closed 5 to 6 cents higher as grains and oilseeds were all higher on this turnaround Tuesday. The crop progress report for corn showed 70% of the corn in the good to excellent category, down 1% from last week. Illinois fell 5% to 76% good to excellent. While crop ratings are highly subjective, it does raise some doubt to whether Illinois can achieve a 207 state yield. Iowa, Indiana, and Ohio were all unchanged in the good to excellent category. North Dakota did drop by 6% to 79% good to excellent. Maturity levels continue to push well ahead of schedule. Most of the center cornbelt (MO to OH) should see good rain totals over the next few days, which should slow maturity down some. It doesn’t look like there will be much corn picked ahead of Labor Day in the main parts of the belt. Other corn news is quiet. Crop tours are making their rounds, with the big ProFarmer one next week. Its history is varied, but it does garner a lot of attention by traders. Ethanol numbers are out tomorrow. Sept corn closed right at the 20 and 50 day moving averages. The 100 and 200 day moving averages are stuck together as well, but sit way up at $3.83.
Soybeans finished with another higher close as it continue to claw back from Friday’s sharply lower close. Soybean ratings were down 1% to 66% good to excellent. Illinois and Iowa both fell by 2%. Indiana was up 1% and Ohio was up 2%. Soybeans are 84% setting pods vs. the avg. of 72%. The weather forecast shows good rain potential through a big portion of the cornbelt the next few days. This should aid yield development for beans and help achieve the forecasted yield of 51.6 bpa. Argentina announced today that it has suspended its gradual cutting of meal and bean oil export taxes for the next 6 months. Export taxes are currently at 23% for both products, having been gradually cut from 32% in 2015. It is thought that the program was stalled due to the Government wanting to continue to see income from the taxes. NOPA crush will be out tomorrow with a large monthly number expected due to strong crush margins.
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