Corn & Soybean Info

Corn Slightly Lower on Tuesday

Corn futures are steady to 2 cents lower at midday. Earlier on Tuesday, FSA updated their crop acreage data as of August 22, adding 821,000 acres to the certified corn acres. The also added another 184,000 acres to the prevent plant total, now at 11.395 million acres. The national corn price index provided by cmdtyView is $3.50, 36 1/4 cents above the same point last year. That would put basis at -7 3/4 cents vs. Sep, compared to -33 cents for the same day in 2018. Reluctant producer selling near contract lows and holding on to old crop for possible blending against poor quality new crop are both factors in the firm basis. Following the Monday close, USDA Crop Progress data showed conditions up 1% to 57% good/ex, as the Brugler500 index rose 2 points to 351. That is still below the long term average for this date.

Soybeans Showing Turnaround Tuesday Losses on Better Conditions

Soybeans futures are down 7 to 8 1/4 cents in the front months. Soybean meal is down $2.20/ton, with soy oil 30 points lower. Updated FSA acreage numbers show the certified soybean acres 784,000 higher as of August 22 than on August 1. They also increased the prevent plant total by 101,000 acres to 4.452 million acres. The cmdtyView national soybean price index is at $7.79 ¼, a 23 cent improvement from the same day last year despite larger stocks. Basis was at -65 1/2 cents vs Sep, 13 cents stronger yr/yr. NASS indicated on Monday afternoon that condition ratings were 2 % higher to 55% gd/ex, as the broader Brugler500 index was 4 points higher at 348.