AM Comments 09/28/15
Monday, September 28, 2015, 7:09 AM
Submitted by: Dustin Weiner
The markets were mixed overnight – this morning soybeans are weaker (after trading higher initially) and corn is a little firmer – getting direction from wheat. Not much for news, some chatter about wheat growing areas in the world having some struggles with weather (Australia & the Black Sea) which is supportive to prices. Although this could be short-lived as the outside markets (crude oil, equities) are all lower this morning.
This afternoon we will get a harvest progress report, the trade is expecting corn and bean harvest to both be somewhere in the 17-25% complete range. The Quarterly Grain Stocks report will be out Wednesday – this report will be as of Sep 1, which will basically tell us what our carry-out was last year (aka carry-in this year). The market isn’t expecting many surprises in soybeans but in corn some feel that we could see a slight adjustment in the feed usage numbers.
Soybeans 4 to 6 cents lower
Have a great day!