Early Market News - With Duane Lowry

Pattison's Daily Grain Summary

Dear Valued Customer

In this issue:

1. Closing Cash Bids
2. Mike's Cash Wrap-Up
3. Chicago Commentary
4. Dumping Hours/Special Alerts
5. Did You Know?
6. Humor/Quote of the Day
7. Catch Up on the News
8. Contact Us

Closing Cash Grain Bids


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Cash Basis Summary

Corn>
Sharply higher futures today did entice some farmer selling activities of both old and new corn, especially in areas where beneficial rains have recently fallen. This led to weaker basis values in some locations, but not all areas. With what appears to be a fair amount of old crop corn left to move before harvest, basis values will likely remain soft if futures continue their strength.

Soybeans>
Export basis values were slightly firmer as talk of Chinese purchases of South American soybeans, along with continued inquiries and even talk that some US soybeans may have been bought off the PNW, kept values supported. Domestic basis values suffered from increased farmer sales as futures recovered a large chunk of last week's decline. Crushers are also seeing crushing margins shrink and this also forces the crusher to weaken basis values.

Chicago Commentary

By Duane Lowry--EarlyMarketNews.com

Futures>
Wow! I could end this commentary with that single word; but what fun would that be! Weather forecasters were in rare form today…they all agreed on the forecast…HOT & DRY. Fund buying joined with small spec buying as word of a "Dome" spread through the industry. Corn seemed to be the most solid, along with wheat. Soybeans made their highs during the noon hour, but then had nearly a 10-cent sell-off into the close. This late break was attributed to WGN's Tom Skilling, and his midday weather forecast, which seemed cooler and wetter than most forecasters. (I knew all forecasters couldn't agree for very long!) Volatility continues, as the trade is far from consensus on US crop production potential. Corn yield estimates range from 123-135 bpa (8.7-9.6 bil). Soybean yield estimates range from 36-41 bpa (2.6-2.9 bil).

Weather>
Heat and Dryness fears were all the rage today. Yet, we do have some rain chances through Mon, favoring the northern areas. It is unclear how long this heat threat will remain. One must also remember that our daily average temperatures have peaked for the season and historically decline from here forward. As always, weather forecasts are subject to change…and change…and change again. Don't consider any "forecast" a given!

News>
Trade talk that China continues to seek South American soybeans, even some talk that China may have bot a small amount of US soybeans from the PNW.
Report Watch>
Export Sales will be released tomorrow morning. USDA will issue monthly Supply & Demand estimates August 12th, along with the first survey production estimate of the season. The trade is also somewhat bracing for a possible acreage adjustment from USDA as well, due to the late planting activities in the eastern Midwest.

Tonight's A/C/E Outlook>
NWS also said this afternoon that we could be in for several days of heat and dryness during the 6-14 day outlook. This will likely lead to some firmness in tonight's early trade. By 5:00 in the morning the private forecasters will make their map assessment and who knows where we will finish the overnight trade.

info from:

Dumping Hours/Special Alerts

Clayton> Thursday= 6-5 Corn and Soybeans; Value-Added by Appointment Friday= 6-5 Corn and Soybeans; Value-Added by Appointment Fayette> Thursday= 7-5 Corn and Soybeans; Value-Added by Appointment Friday= 7-5 Corn and Soybeans; Value-Added by Appointment Special Alerts>
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Did You Know?

	You can now access all your grain contract information, scale ticket information and so much more online! This is a very handy service…providing you secure access to information even after hours. Be sure to talk to your merchandiser before the fall rush begins so you are ready to benefit from this excellent feature.
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Humor/Quote of the Day

Baseball is 90% mental, the other half is physical
--Yogi Berra

Slump ? I ain't in no slump. I just ain't hittin.
--Yogi Berra *(This guy should have been a commodity analyst!)

I have been driven many times to my knees by the overwhelming conviction that I had nowhere else to go
--Abraham Lincoln (1809-1865)

Catch-Up on the News…It is just a click away!


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Contact Pattison OnLine Or 701 King Street, Box 670 Fayette, IA 2142 800-632-5952 FAX= (563) 425-3361
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