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MARKET COMMENTARY

AM Comments 09/12/16

Monday, September 12, 2016, 12:09 PM
Submitted by: Dustin Weiner


Today is report day, the USDA will be out later this morning with their next look at the 16/17 S&Ds and our markets are trading mixed/weaker ahead of it. As I mentioned last week, the corn trade is looking for yield estimates today to fall short of what was presented in August which has kept a bid under corn so far in September. It wouldn’t be overly surprising if eventually we see corn production estimates slip – but I’d be careful assuming that that happens in today’s report. The soybean trade is somewhat opposite as a lack of weather problems in August has most feeling that the USDA could show increased production today.

 

Overall – while initial post-report focus will be on the yield/production numbers, the long term focus needs to be on ending stocks (aka carryout). The market needs to know how comfortable we truly are because if demand remains strong – any blip in US harvest/production OR South American planting (and eventual production) could tighten things up quickly, especially in soybeans.

 

So… for this morning it looks like we will float/drift around for a bit – likely spending most of the time lower in sympathy with the outside markets (crude lower, gold lower, stock market lower) until the report gives us direction – one way or the other.

 

Opening Calls:

Corn mixed/lower

Soybeans 3 to 6 cents lower

 

Have a great day!

 

@landuscoopgrain

 

 

 

Dustin Weiner
2321 N. Loop Drive, Ste. 220 Ames IA 50010-8218
O: 515-817-2144 | C: 515-460-3228
Dustin.Weiner@landuscooperative.com

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