Morning Comments September 6, 2017
Wednesday, September 6, 2017, 8:09 AM
Submitted by: Landus Cooperative
Corn down 1 to 2 cents
Soybeans unchanged to down 1 cent
Corn contracts closed 2 ¼ to 4 ¼ cents higher yesterday. The crop progress report showed a decrease of 1% in the condition ratings with denting and maturity both below average.
Soybean contracts closed 15 ¾ to 19 cents higher yesterday. The report showed maturity 1% below average but condition ratings were left unchanged.
Normally, fund short covering rallies run 3 days, and yesterday was the third day of the post First Notice Day rally. It’s likely the market has run out of steam to trade until we get additional indications of what yields will be. Hurricane Irma, a category 5 hurricane, is traveling towards the Caribbean and threatening Florida. The Keys were requiring mandatory evacuation of tourists at 7 a.m. and residents at 7 p.m. today.