AM Comments 09/27/16
Tuesday, September 27, 2016, 1:09 PM
Submitted by: Dustin Weiner
Our overnight markets rebounded a bit – bouncing back from yesterday’s sell-off which was attributed to harvest pressure and yield reports that remain impressive. The weekly crop ratings/progress reports were out yesterday afternoon also and they showed soybean harvest progress in line with trade expectations, while corn harvest was a little disappointing at only 15% complete. Many initial reactions to the corn harvest number being only 15% were bearish (negative). The US cash market already feels heavy and after finding out that we are only 15% complete (instead of near 20% as expected) – that means there is just that much corn yet to hit the pipeline.
Other than that, pretty quiet today. The outside markets look a little negative with crude oil under pressure and the $US firmer. It feels to me like we could stay choppy for a while as the market tries to juggle big export demand with record harvest yields.
Soybeans 1 to 3 cents higher
Have a great day!
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