AM Comments 9/18/15
Friday, September 18, 2015, 8:09 AM
Submitted by: Eric Kist
The overnight markets are continuing recent trends of quiet, low-volume trade, and as we enter the office this morning corn is down a penny, and soybeans are 2 cents lower from yesterday’s close. Along the same lines as yesterday, there is simply a lack of fresh news for the markets to trade, and as a result both corn and beans have drifted lower the past few days. For the week, corn has dropped 8 cents (after gaining 25c last week), while beans have added 8 cents (up 4 last week).
Outside markets are weaker this morning as well, in the aftermath of the Federal Reserve’s decision yesterday to leave interest rates unchanged for the time being, again pushing any hike in rates further into the future. According to the official press release, the Fed is delaying their decision based on a “general concern over slow global growth” – i.e. a stagnant Chinese economy, and volatile world markets.
NOAA’s 6-10 day, and 8-14 day weather outlooks are keeping with the recent trends by projecting above normal temperatures, and normal precipitation, which should allow harvest to get started on a good note.
Beans: 1-2 lower
Have a great day!