Fccoop

MARKET COMMENTARY

PM Comments 9/29/2014

Monday, September 29, 2014, 4:09 PM
Submitted by: Joel Pudenz


We had a nice change of tone today with corn, soybean, and wheat futures all closing higher. USDA releases the Quarterly Stocks report tomorrow, which had traders short covering and positioning themselves for the report. The market expects corn stocks to be just shy of 1.2 bln bushels and soybean stocks to be between 125 and 130 mln bushels. Expect the market to quickly return to trading yield reports and harvest progress shortly after the 11:00 report. Harvest progress showed U.S. corn at 12% complete (the trade expected 14% to 17%). Iowa is 2% complete on corn harvest. Corn conditions were steady with last week at 74% G/E. Soybean harvest is 10% complete nationally and 3% complete in Iowa. Soybean conditions were also unchanged at 72% G/E. Calls for tonight are steady to lower as we wait for the report at 11:00 a.m. tomorrow morning.

 

Corn 2 to 3 cents higher

Soybeans 12 to 13 cents higher

 

Have a good night!

 

@fccoopgrain

 

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