AM Comments 9/9/15
Wednesday, September 9, 2015, 8:09 AM
Submitted by: Eric Kist
Grains are higher this morning despite crop conditions remaining steady in last night crop progress report. The trade was expecting 1-2% declines in good/excellent ratings for both the corn and soybean crops, but conditions were reported as unchanged nationally. Here in Iowa, we did see declines in ratings for both crops, as corn dropped a couple points, down to 79% G/E this week, and soybeans lost 1 percentage point in its G/E rating, now down to 75% G/E.
While we are seeing higher corn and bean prices here at the morning break, outside markets do appear to be working against grains today, as crude oil is trading lower, and the US Dollar is already posting a strong day upward. Currently corn is up 1 ½ cents and beans are 4 cents higher, but we may run out of steam before too long today…
Beans: 3-4 higher
Have a great day!