Posted: Monday, August 19, 2013 4:08 pm | Updated: 4:20 pm, Mon Aug 19, 2013.
CME Group and Brugler Marketing
The soybean market caught fire Sunday night and the sharply higher trade continued in the day session. November soybeans traded up double digits and briefly probed above $13 where many anticipated new producer hedge orders.
The corn market began the week with some bullish sentiment after weekend showers disappointed and the 5 day forecast suggested warm and dry conditions with a weak ridge developing next week, the CME Group said in its Monday afternoon report.
With nearly all the Iowa corn crop tasseled, 93 percent was silking, behind the five-year average of 99 percent, the USDA reported. Sixty-two percent of the corn crop reached the milk stage, trailing the normal 87 percent. Twenty-four percent of the crop has reached the dough stage, well behind the normal 60 percent. Some of the very earliest planted corn crop has reached the dent stage. Corn condition declined slightly from the previous week, and was rated at 5 percent very poor, 13 percent poor, 34 percent fair, 40 percent good and 8 percent excellent.
With 95 percent of the soybean crop blooming, pods were being set on 71 percent of the soybean crop, well behind last year's 94 percent and the normal 89 percent, the USDA said. Soybean condition declined slightly from last week and was rated 5 percent very poor, 12 percent poor, 36 percent fair, 38 percent good and 9 percent excellent. Oat harvest was wrapping up across the state.
CORN: Temperatures aren't expected to break 100 degrees but the low 90 degree heat will begin to pick away at soil moisture reserves at a time when rainfall has been quite limited across the Corn Belt, the CME said.
December corn led the way higher and posted an intraday high of 486 1/4. A well followed crop tour hit the road this morning and will be reporting their day 1 observations at the end of the day. Comments from scouts so