AM Comments 09/24/13
Tuesday, September 24, 2013, 7:55 amSubmitted by: Dustin Weiner
Good morning!
The soybean market bounced higher last night on what appears to be a little short covering. Nov soybean futures had dropped $1/bu since the start of September – it looks like the market may finally be tired of working lower, at least for today.
Corn has so far been unable to take out the Dec contract lows, and on the chart it looks like it may be trying to form a double-bottom. This could be viewed as supportive in the short term. Long term however, if these yield reports continue to come in near or above expectations corn is going to struggle to rally.
Other than that… pretty quiet. Turnaround Tuesday on the beans and everyone is watching yield reports on both commodities. This coming Monday (Sep 30th) is the USDA’s Quarterly Stock Report – it will give the market some final numbers as to our ‘carry-in’ for this year and it will likely be a market mover.
Opening Calls
Corn mixed, 1c lower to steady
Soybeans 8 to 10 cents higher
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