AM Comments 09/26/16
Monday, September 26, 2016, 12:09 PM
Submitted by: Dustin Weiner
Our markets are starting the week a little softer as harvest moves forward across the belt. This afternoon’s harvest progress report should show corn harvest just shy of 20% complete while soybean harvest should be around 10% done. The weather is (finally) clearing up as that nasty cold front that dropped all of the rain in the NW belt moves east. The forecast for the next 14 days now looks drier with temps becoming more “fall-like”. This of course should be good for harvest progress and as you can see from the precip map (attached below), Iowa in particular has an open 7-day window.
Other than watching the weather and gathering yield reports – this week could be slow in regards to fundamental news. Although, this Friday is the release of the sometimes interesting Quarterly Stocks report… Simply put, this report reflects a “measure-up” of the U.S. (as of Sep 1) and gives the market a firm/final look on what our carry-in from 15/16 to 16/17 looks like. The market is expecting this to show inventories a little tighter on both corn and soybeans (in comparison to the last report), but for the most part it shouldn’t be a big market mover.
Corn 2 to 3 cents lower
Soybeans 2 to 4 cents lower
Have a great day!
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