FC Morning Grain Market Report for 9/9/14

MARKET COMMENTARY

AM Comments 09/09/14

Tuesday, September 9, 2014, 8:09 AM
Submitted by: Dustin Weiner

The markets are starting off weaker today – not a lot of news out there to give us direction other than diminishing chances for a severe frost (the weather models look the same as yesterday, maybe a touch warmer in spots).  The trade is also getting itself prepped for the USDA’s release of the September S&D which is due out Thursday morning.  Generally speaking this report doesn’t usually make big changes to crop size (they prefer the ‘wait and see’ mode it seems), however the trade still expects to see rising 14/15 carryout numbers in corn, soybeans and wheat.  They will however adjust old crop carryouts, currently the market bias is that we will get a slightly wider corn carryout and a slightly tighter bean carryout. 

In the outside markets, the $US is still pushing itself higher which feels like a heavy, bearish anchor on our commodity prices – limiting rally attempts.  Both Dec corn and Nov bean futures contracts seem primed to test recent lows and potentially test long term support below the market.

Opening Calls

Corn 2 to 4 cents lower

Soybeans 4 to 6 cents lower

Have a great day!