AM Comments 09/17/15
Thursday, September 17, 2015, 8:09 AM
Submitted by: Dustin Weiner
The markets were weaker overnight as the correction continues from the sharp rise in corn prices last week. The FSA data released yesterday was a bit disappointing as it did not imply a big reduction in acres as many in the trade had assumed. The weekly export sales report didn’t offer anything for the bulls either as corn and soybean sales were in line with guesses (and towards the bottom end of the range).
Overall it feels like we could stay under pressure for most of the day today. One of the big mood changers when looking at this week versus last week? Yield reports. Last week most reports were coming from the Eastern Corn Belt and yields were below expectations. This week there are yield reports are leaking into the marketplace from the Western Corn Belt and so far they appear above expectations. None of this so far should be considered shocking, let alone final -- but it does change the market sentiment a bit. If the reports in the West continue to be above expectations values could be forced lower, pushing into the seasonal late Sep / early Oct lows before recovering…
Corn down 2 to 4 cents
Soybeans down 3 to 6 cents
Have a great day!