Grain Market Recap 8.1.17

Market Snapshot:

Beans led the grain complex lower today, with the good and excellent ratings up 2% vs expectations of being steady to down 2%. With the drop today our cash beans for fall are below $9 again. Looking at the November charts there is a gap to fill in the $9.58 area and hope that will be our next support level. We will have to continue to keep an eye on the sky and watch the deferred weather forecast to try and understand how and why the beans traded the way they do for the next 30 days.

Corn was a follower of beans for the most part today. They didn’t have any help on the news front either with the G/E ratings only being down 1 which was what was expected. With the extended forecasts leaning cool and maybe a little dryer it will be tough for corn to turn the corner and take a run back up towards the highs. We have seen a little basis appreciation here as of late, some plants just trying to firm up their ownership before fall as it feels many growers all looking at that October bid and figuring out how much they can ship that first week before harvest gets in full swing as many places including us are showing a 10-15c better bid for October vs August.

As a reminder CHS has our own fleet of trucks and sometimes we can get you a little better bid picked up off the farm then what we are posting do to logistic advantages so please call if you would be interested in a bid.

Jared Schaefer

CHS Ostrander

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