Morning Comments September 25, 2017
Monday, September 25, 2017, 8:09 AM
Submitted by: Landus Cooperative
Corn: 1 to 2 cents lower
Beans: 5 to 6 cents lower
Friday, the December corn contract closed 3 1/4 higher settling at $3.53 1/2. The July contract was 3 1/2 higher at $3.81 1/2. For the week, the December contract lost 1 1/4 and the July gained 3/4 cent. Friday’s cattle on feed report will weigh on cattle today, as August placements were 102.6% of a year ago, while the trade was expecting around 97%. Cattle on feed is estimated at 103.6% vs. 102.7% expected. These numbers could be a little friendly for corn values.
The November bean contract closed 13 1/2 higher Friday, settling at $9.84 1/4 and the July contract closed 12 3/4 higher, settling at $10.17 3/4. China is set to auction off about 300,000 tons of beans. China will also be on holiday after tomorrow until early next week. Both items should keep a lid on soybean futures.
The Dollar is higher this morning at 92.26. The momentum in the dollar is pointing higher. Crude oil is trading slightly higher. The November contract is trading just above the $51.00 level.
Harvest hours and scale to scale times have been added to our mobile app. Please call your locations, local GMA, or Ames office (877) 778-2226 with any questions.
As harvest ramps up, with an eye to safety, we’ll leave you with a quote from Sgt. Phil Esterhaus of Hill Street Blues, “Let’s be careful out there.”