MARKET COMMENTARY

Early Trade:

Corn 1 to 2 cents lower

Beans 6 to 7 cents lower

Yesterday, the December corn contract closed 1 ¾ cent higher settling at $3.54. The July contract was 2 ¼ cents higher closing at $3.83 ¼. 

Early yield results seem to be indicating that the USDA’s yield estimates are not that far off.  

The U.S. ethanol production last week decline sharply coming in at 293 million gallons vs. 304 million gallons the previous week. The trade had been expecting production to come in in the neighborhood of 305 million gallons. Last week’s production was the lowest in 14 weeks. 

The September Quarterly Stocks Report will be coming out tomorrow. The average trade guess is for the quarterly corn stock to come in at 2.350 billion bushels, which was exactly what the September WASDE report posted.

November soybeans closed 2 cents higher yesterday, settling at $9.65 ½ and the July contract closed 1 ½ cent higher, settling at $10.01. The trade is expecting bean stocks to come at 338 million bushels, just slightly lower than the USDA’s last estimate of 345 million bushels.

The dollar is trading just barely lower this morning at 93.17.  This morning crude oil is trading higher. The November contract is trading just below the $53.00 level. 

Have a safe harvest!