PM Comments 9/15/2014
Monday, September 15, 2014, 3:09 PM
Submitted by: Joel Pudenz
Corn and soybean futures closed on the higher side today with support from estimates for FSA acreage numbers tomorrow (some project about a 2 mln acre decrease for corn, 1.3 mln acre decrease for soybeans). Regardless, corn matched contract lows and beans come within a nickel of contract lows before moving higher late this morning. Early indications of yield continue to be impressive for both corn and soybeans. Unless we get a big surprise in the FSA report tomorrow, such yield indications will continue to pressure the market lower.
Crop ratings showed corn conditions steady vs. last week at 74% rated G/E nationally. Soybeans were also steady vs. last week at 72% G/E nationally. Most in the market expected steady to slightly lower ratings, which is what we have in today’s report.
Details for Iowa:
Corn – 76% rated G/E vs 76% last week; 19% of corn is mature vs. 6% last week and 44% on average
Soybeans – 74% rated G/E vs. 73% last week; 13% dropping leaves vs. 3% last week and 26% on average
Corn closed 4 cents higher
Soybeans closed 4 to 6 cents higher
Have a good night!