AM Comments 09/04/14
Thursday, September 4, 2014, 8:09 AM
Submitted by: Dustin Weiner
The corn and soybean markets feel like they want to bounce back this morning after a nasty down day yesterday, but are so far unable. One thing that could be keeping a lid on any recovery this morning is the fact that the $US is sharply higher – the Dollar Index is pushing to the highest levels in over a year!
Weather is still pretty much the same… the Midwest will remain wet throughout next week while temps are a touch below normal. There are chances for a bit of a cold snap next Thursday/Friday (Sep 11th/12th) but from what we read this is “unlikely to induce a killing freeze”.
Overall for today look for a steady/weaker tone. The corn market made new lows yesterday and the ones who are long (farmers) were frozen in their tracks while the ones who are short (the funds) kept on selling. The game of chicken between the short funds and the long producers will likely come to an end sometime soon and in the process could set the price range for the rest of the calendar year.
Corn steady to down 1c
Soybeans down 3 to 5 cents
Have a great day!