AM Comments 09/23/14
Tuesday, September 23, 2014, 8:09 AM
Submitted by: Dustin Weiner
The corn and soybean markets are steady/weaker this morning with corn down a couple cents while beans are trying to hang just above yesterday’s closing prices. China’s Manufacturing PMI rose to 50.5 in September up from 50.2 in August (any number above 50 signals growth in their manufacturing sector). This was viewed as a little surprising (better than expected) and could be a reason the soy complex found support overnight. There isn’t much for fundamental S&D news out there – the weather forecasts still look great for harvest progress and the next two weeks of weather are still showing no signs of a frost/freeze.
Overall this market appears poised to continue lower, I think we can all see “harvest lows” coming at us – the question is when? Overall, producers are undersold which means they are holding the longs in grains today (the big investment money is holding the shorts). This leads most to believe that the timing of harvest sales by producers may be a big driver when guessing the timing of harvest lows on the CBOT.
Corn 2 to 3 cents lower
Soybeans steady to 2c higher
Have a great day!