Fccoop

MARKET COMMENTARY

AM Comments 9/16/15

Wednesday, September 16, 2015, 8:09 AM
Submitted by: Eric Kist


Good morning!

 

After 6 consecutive days of gains in the corn market (making 1-month highs in the process), corn pulled back slightly yesterday and dropped 3 cents off nearby December futures.  Beans saw positive action, on the other hand, and are currently trading at 3-week highs.  Follow-through action in a quiet overnight market have both grains mostly steady from those levels this morning, as corn is down a penny, and beans are ΒΌ cent higher heading into today’s trading session. 

 

During these recent rallies, funds have chiseled away at their short positions, working their bean position to a small net short, and actually flipping their net short position in corn to a decently-sized net long position in corn.  As a reference point, harvest bids for corn are actually $0.50 - $0.60  cents higher this year than at this time last year, while harvest soybean bids are currently $1.00 lower this year compared to the same time last year. 

 

FSA acreage data was supposed to be released this morning, but apparently the government is having a rough morning – rather than updating data for this year, they incorrectly submitted 2014’s numbers.  Corrected data for this year will be released “soon.” 

 

 

Opening calls:

Corn: 1-2 lower

Beans: Steady/mixed

 

Have a great day!

 

@fccoopgrain

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