MarketEdge PM Comments

(Taylor Bensenberg)

Good afternoon, 
 
September corn closed down 1 ½ at 4.7075 and December corn closed down a quarter of a cent at 4.88. November beans closed up 16 at 13.8775. 
 
ProFarmer came out with their data today:

• Overall production estimates:
  • 14.960 billion bushels on corn with a 172 bpa
  • 4.110 billion bushels on beans with a 49.7 bpa
• Iowa Estimates 
  • Corn - 197 bpa
  • Beans - 55 bpa
• Illinois Estimates
  • Corn - 203 bpa
  • Beans - 62 bpa

• Supply concerns are supporting the bean market with corn following behind.
• Exporters announced the sale of 4.4 million bushels of beans to China.
• Yesterday Canada announced that it would join the U.S.'s dispute panel against Mexico's GMO corn ban.

Have a great weekend!