PM Comments 9/2/2014
Tuesday, September 2, 2014, 3:09 PM
Submitted by: Joel Pudenz
We’ve got a mixed bag at the close for futures: corn a penny lower, soybeans 6 to 7 cents higher, and wheat 8 to 9 cents lower. News was relatively quiet, but corn was pushed lower by some spillover pressure from wheat and a good (no unusual cold weather) 2-week forecast. A few private estimates of production numbers will be released late this week. These will lead into the USDA production estimates due on September 11, which most expect to be higher than August projections. Heavy weekend rainfall across the Midwest pushed soybean futures higher today – some fear the excess moisture will hinder top-end yield potential.
We’ll have to wait until next week to see if the rain effects soybean crop ratings, because this week soybeans increased 2% rated G/E from last week, coming in at 72% rated G/E nationally. Corn increased 1% rated G/E vs. last week, coming in at 74% rated G/E. These ratings will likely put some pressure on the overnight trade when it reopens at 7:00 pm tonight.
Have a good afternoon!