Morning Comments September 27, 2017
Wednesday, September 27, 2017, 8:09 AM
Submitted by: Landus Cooperative
Corn: 1 to 2 cents lower
Beans: 1 to 2 cents lower
Yesterday, the December corn contract closed 1 ½ cent lower settling at $3.52 ¼. The July contract was ¾ cent lower closing at $3.81. The November bean contract closed 7 ¾ cents lower yesterday, settling at $9.63 ½ and the July contract closed 6 ½ cents lower, settling at $9.99 ½.
The dollar is trading higher this morning at 93.17 and is trading at levels not seen in nearly 5-weeks. The momentum in the dollar is pointing higher, but it is becoming overbought and we would expect to see a downward correction soon. This morning crude oil is trading lower. The November contract is trading just below the $52.00 level. That is about unchanged from at this time yesterday. The October ethanol futures were unchanged yesterday closing at $1.527 putting it 17.18 cents below the October RBOB futures settlement price of $1.6988.
Weekly EIA report comes out today and quarterly stocks report will come out this Friday morning.
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.