PM Comments 9/9/2014
Tuesday, September 9, 2014, 4:09 PM
Submitted by: Joel Pudenz
This may sound like a broken record, but retreating frost concerns pushed corn, soybeans, and wheat lower as they all three made new contract lows today. Any fears of freeze have thawed into talks of mild frost for some of the Northern Corn Belt. Some interest rate reshuffling out of Europe, a weak Japanese economy, and threats of a Scottish succession all pushed the dollar to recent highs today, making US commodities less competitive globally. More private production estimates released today confirm other projections for record yield and record production. Pre-report estimates have corn production at 14.310 bln bu., yielding 170.7 bpa. Soybean production is estimated at 3.882 bln bu., yielding 46.2 bpa. Trading will likely be choppy tomorrow and Thursday morning as traders jostle for position ahead of the 11:00 am report.
Corn closed 3 to 4 cents lower
Soybeans closed 14 to 17 cents lower
Wheat closed 6 to 7 cents lower
Have a good night!
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