AM Comments 10/09/14
Thursday, October 9, 2014, 8:10 AM
Submitted by: Dustin Weiner
The export sales report was out at 7:30 this morning and both corn and soybean sales were on the higher end of guesses, but still within the range – so, pretty neutral in regards to price action. Tomorrow morning is the big USDA S&D report, the average trade guess for the corn crop is 14.5 billion bushels of production using a 174.7 bpa yield, the average guess for the soybean crop is 3.976 billion bushels of production using a 47.6 bpa yield. Any major deviations from those general numbers would cause a likely violent reaction one way or the other. This report could end up being the main driver of prices for the rest of the month, and maybe through the end of harvest. Production guesses from Reuters are attached to the bottom of these comments.
For now, the outside markets are somewhat in charge of direction for the day, the $US is still weaker – down to its 2-week lows which could/should keep our grains somewhat supported to start the day.
Corn 1 to 2 cents lower
Soybeans 3 to 4 cents higher
Have a great day!