AM Comments 09/03/14
Wednesday, September 3, 2014, 8:09 AM
Submitted by: Dustin Weiner
The markets started the overnight session off weaker last night and never looked back thanks to better than expected crop ratings and large production estimates from well-followed private companies (FC Stone was out yesterday, Allendale was out already this morning and I believe Informa will be out later this morning).
The first little frost/freeze scare of the season is popping up this morning, but it doesn’t look to be a major one, NOAA is showing below normal temps for the Northern Plains and the Great Lakes through Sep 15th but it doesn’t look like U.S. row crops will see much for damage. Frost is the last threat against what is widely considered to be a record corn/soybean crop this year.
Generally speaking look for weaker markets today as the trade deals with this large crop that somehow has improving conditions! The idea that “big crops get bigger” will likely weigh on this market as we inch towards harvest.
Corn down 2 to 4 cents
Soybeans down 5 to 7 cents
Have a great day!