FC Morning Market Commentary for September 10, 2013

Good morning!

Today looks similar to yesterday with both corn and soybeans weaker to kick things off. The G/E ratings

released yesterday afternoon did not drop as much as anticipated (only a 2% drop in both corn and soybeans) which is probably helping the market work lower.  With mostly above normal temps predicted for the next 10 days frost threats are not a topic of conversation at this time. 

The weather outlook looks to bring a couple cold fronts across the belt over the next 10 days.  The first cold front isn’t expected to bring much rain but the second one could bring decent moisture early next week.  This rain is probably too little too late but with the late planted soybeans, there could be a little boost to the poor bean yields in the Western Belt.

The USDA did not release harvest progress numbers yesterday, but a few states did report. Texas and Mississippi are 60% harvested on corn, Louisiana is 97%, Tennessee 72%, Georgia 69% and Alabama 17%. 

The USDA’s September S&D report will be out Thursday, it is starting to feel like they won’t be making any significant changes to crop projections, even though Iowa soybean yields are regressing.  Don’t be surprised if they punt and wait another month to see yield reports before revising crop sizes. 

With news wires reporting that Syria is accepting a deal from Russia to turn over their chemical weapons – some of the outside markets are a little volatile.  Crude oil is currently down over $2/barrel which could help keep a lid on any rallies in our grain/oilseed commodities today. 

Opening Calls

Corn steady to down 3 cents

Soybeans down 7 to 10 cents

Have a great day!

 Dustin Weiner

@fccoopgrain