Morning Comments September 5, 2017

Opening Calls:

Corn +3 to +4

Beans +9 to +10

 

Overnight trades continued the positive tone we’ve seen recently. There continues to be quite a bit of concern about the size of the U.S. crop, and with another tropical storm, Irma, brewing, there is potential for some crop damage. 

The USDA’s next WASDE report is a week from today, September 12th. It is possible that we see some more short covering ahead of that report. The upside, especially on corn appears limited, but we could see another 5-10 cents before the U.S. looks uncompetitive to South America. 

 

With the Holiday weekend, out of the way, traders will be back in full force.  We’ll see if that helps us in the short term.