AM Comments 09/19/14
Friday, September 19, 2014, 8:09 AM
Submitted by: Dustin Weiner
The markets are drifting lower this morning as harvest inches closer to the heart of the corn belt. Soybeans made new lows in the electronic trade last night and when the markets paused at 7:45am they were only a penny off of those lows. It feels like we aren’t done making new lows for today... There really isn’t much for fundamental (S&D) news out there this morning – the outside markets seem to be in charge. The $US is higher again (approaching the high for the week) which has most commodities on the defensive.
The 6-10 and 8-14 day forecasts still look great for harvest progress – warmer and drier. It is however worth noting that at the tail end of the 8-14 day window a wetter pattern shows up in the far western part of the corn belt. Even with that, overall you’d have to view the updated maps as natural/bearish – nothing to get worried about.
Later this morning Informa (a well followed private company) will be releasing their acreage estimates, which unfortunately may be the most exciting thing to happen today in regards to fundamentals.
Corn down 1 to 2 cents
Soybeans down 6 to 7 cents
Have a great day!