AM Comments 9/12/2014
Friday, September 12, 2014, 8:09 AM
Submitted by: Joel Pudenz
It feels like our cold/rainy weather has the market a bit sluggish this morning with corn trading even, beans 2 to 3 cents higher, and wheat 2 to 3 cents lower at the morning break. The frost scare last night was pretty much a non-event; we’ve got another cold night ahead of us with some parts of N.C. Iowa dipping to 33°F (we need sustained sub-30°F temps for crop damage to occur). At most, this may drop crop ratings 1% G/E in Monday’s report. After this cold spell, we will see some warmer/dryer temps that will hopefully translate into an excellent harvest window in our trend of cold/wet weather. FSA releases farm program participation data next week which will provide more insight into acres in the Prevent Plant program – it should show some increased acres, but not enough to get the bulls excited. It feels like the start of a quiet Friday for the markets, which would be fitting for the quiet week we’ve had.
It’s the quiet before the storm rolls into Iowa City tomorrow at 2:30.
Have a good day!
8-14 day outlooks: