PM Comments 9/16/2014
Tuesday, September 16, 2014, 3:09 PM
Submitted by: Joel Pudenz
Our major fundamental input today was the FSA acreage report. While the data is far from finalized or complete, the report led some traders to believe planted acres are too high. USDA will release acreage numbers in October, but most feel the best data comes from the report in January. Regardless, today’s result was initially higher corn and soybean futures prices, which held true for corn through the close. Corn closed a penny higher, but traded mixed on the day. Crop ratings were steady vs. last week and we’ve got sunshine in the forecast, both of which added some weight to corn prices. Soybeans traded higher early this morning, but turned lower on continued reports of stellar yields out of the south and good harvest weather coming our way. These markets continue searching for bottoms as they try to figure out how much a record crop is worth.
Corn closed a penny higher
Beans closed 6 to 8 cents lower
Have a good night!