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Thursday Morning Comments (10/2)
Good Morning. Once again, the nearby corn and beans futures traded into new contract lows yesterday, finished the day higher, only to be followed by lower trade today. This has occurred a few times in recent weeks with no ability to have any follow through to the upside. Wheat futures are trading higher today as the dollar is back lower and talk that wheat prices are closer to pricing themselves into more export business. If wheat can stabilize and turn higher, that likely helps corn at some point. FC Stone’s corn and bean estimates released yesterday afternoon initially were a little negative to overnight futures. Corn export sales were 25.1 Mln. bu. Beans sales were 31.9 Mln. bu. Wheat sales were 27.2 Mln. bu. All three numbers were solid but will not move the needle much today. Rain did fall around parts of Illinois overnight. (.4" in Stanford) Areas just north of St. Louis got 4 to 5 inches. Rain hangs around today and tonight, but gives way to drier and much cooler temperatures starting over the weekend. The weather forecast is trying to put another chance of rain in for Monday. The 8 to 15 day continues to hint at a cooler and wetter pattern. Other news is quiet. A seasonal low in corn is due at any time. The payroll report will be out tomorrow which could have some effect on the dollar.
Tuesday 9/30 USDA Stock Report
Quarterly Grain Stocks
USDA – Sept 1 ‘14
USDA – June 1 ‘14
USDA – Sept 1 ‘13
U.S. Wheat Production
USDA – Sept
USDA – Aug.
USDA - 2013
The 2013 bean crop was raised to 3.358 Bln bu. Previous estimate was 3.289 Bln. bu.
Comments from Mid-Co Commodities Have a good & safe day!
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