PM Comments 9/5/2014
Friday, September 5, 2014, 3:09 PM
Submitted by: Joel Pudenz
Chatter of a frost threat in the two week forecast had corn, soybean, and wheat futures higher at the close today, taking back losses from yesterday. We’ve got a drop in temperatures coming, but most put lows in the mid to upper 30s – we need sustained, sub-30 degree temps for frost damage to occur. All-in-all, it was mostly an excuse for profit taking on a Friday. Bulls also looked at Informa’s production estimates as reasons to buy today, coming in lower than other private projects, but still higher than the USDA. On the week, corn futures lost nearly 9 cents on early (and high) yield reports. Soybean futures lost 3 cents on the week. The next big report comes out next Thursday – USDA Production and Supply & Demand at 11:00 AM on September 11.
Have a great weekend!