Morning Comments September 29, 2017
Friday, September 29, 2017, 8:09 AM
Submitted by: Landus Cooperative
Corn: steady to 1 cent lower
Beans: 3 to 4 cents lower
Yesterday, the December corn contract closed 1 ½ cent lower settling at $3.52 ½. The July contract was 2 cents lower closing at $3.81 ¼. Today will see the release of the USDA’s quarterly stocks report. The average trade guess is for the quarterly stock to come in at 2.350 billion bushels, which was exactly what the September WASDE report posted. The November bean contract closed 6 cents lower yesterday, settling at $9.59 ½ and the July contract closed 5 ¾ cents lower, settling at $9.95 ¼.
The dollar is trading higher this morning at 93.01. The momentum in the dollar turned lower after yesterday’s trade and may be setting up for a downward correction. This morning crude oil is trading higher. The November contract is trading just above the $51.50 level.
Harvest is slowly starting to ramp up. Please be safe!