PM Comments 9/22/2014
Monday, September 22, 2014, 4:09 PM
Submitted by: Joel Pudenz
Corn and wheat futures closed slightly lower today, trading a narrow 5 cent range and settling modestly at 1 to 3 cents lower (note that corn still made new contract lows). Soybeans again broke through contract lows, gapping lower from Friday and closing 19 to 21 cents lower. Why? Well, the story hasn’t changed much – good weather through the end of the growing season and start of harvest, no more frost threats, and stout yield reports. When we couple all this with a lethargic Chinese economy and recent strong performance from the dollar, it’s difficult for any bullish news to overtake the bearish sentiment.
Crop ratings released earlier this afternoon were pretty much unchanged from last week:
· US corn 74% G/E this week vs. 74% G/E last week
· US corn 42% mature vs. 27% last week vs. 54% on average
· Iowa corn 76% G/E this week vs. 76% G/E last week
· US soybeans 71% G/E this week vs. 72% G/E last week
· US soybeans 45% dropping leaves vs. 24% last week vs. 53% on average
· Iowa soybeans 74% G/E this week vs. 74% G/E last week
Have a good night!