AM Comments 10/12/16
Wednesday, October 12, 2016, 1:10 PM
Submitted by: Dustin Weiner
Corn and soybeans were both a little firmer at the 7:45am market pause this morning as we prepare for the big S&D report today (to be released at 11am) from the USDA. This report will of course be the main fundamental driver of price action for the day, and could also be what gives us direction for the duration of harvest. As mentioned before, the trade is expecting corn yield to slip just shy of 1 bpa and is expecting soybean yield to ride just shy of 1 bpa. It will be changes from these expectations that will effect price, for better or worse.
Yesterday afternoon’s harvest progress report was pretty much in line with guesses. Corn came in at 35% harvested (was 36% last year and the average for this time of year is 38%) and soybeans came in at 44% harvest (was 56% last year and the average for this time of year is 47%).
Other than the USDA report later this morning – news today is limited. There are rumors that China has been in booking additional cargoes of US beans this week and the trade is looking for (maybe even expecting) confirmation of that from the USDA soon. The outside markets are a mixed input with the $US higher and crude oil higher as well.
Have a great day!
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