AM Comments 09/17/14
Wednesday, September 17, 2014, 8:09 AM
Submitted by: Dustin Weiner
The markets look to be a mixed bag today with corn slightly lower and soybeans slightly higher at the 7:45am pause. There is very little news to go on. The $US is firmer once again as the Fed is expected to announce that they will reduce their bond buying program by another 10 billion dollars, slowly attempting to end the QE program. In the short term for today -- the firm dollar tends to put pressure on commodities, whether it be grains, energies or metals.
China on the other hand announced they are plugging $81 billion into their banks to boost growth and help their economy. China is also in the news for signing 21 of their generic purchase agreements, agreeing to buy 4.8MMT of soybeans from the U.S.. This is not a major deal, more of a political formality than anything.
Other than that. Nothing. I stuck the 8-14 day weather maps at the bottom of these comments. They show temps and precips for the period Sep 24 – Sep 30 looking ideal for good harvest progress in most of the belt (above normal temps, below normal precip).
Corn 2 to 3 cents lower
Soybeans 1 to 3 cents higher
Have a great day!