AM Comments 09/10/15
Thursday, September 10, 2015, 8:09 AM
Submitted by: Dustin Weiner
Very quiet trade overnight as the market is awaiting a USDA report tomorrow that sure seems to me like it could be a non-event. Mix that with a 4-day week and more “unknowns” than “knows” in regards to fall production – and we have a market that is somewhat idle. I will say that most of the yield reports we are hearing to the south of us have been disappointing which is interesting to the bulls. There are traders who think that a flat price rally may be coming in part because of that – and those who watch seasonal trends will notice that the corn and soybean charts turns friendly after Oct 1. 6 out of the last 10 Oct/Nov timeframes have seen rallies, with corn bouncing an average of 14.9$ and soybeans bouncing an average of 12.7%.
There was no export sales report today (delayed to tomorrow due to the holiday). So overall for today I’d expect a quiet, choppy, two-sided trade.
Corn steady to 1c lower
Soybeans 3 to 5 cents lower
Have a great day!