Morning Comments September 7, 2017

Good morning!

 

Opening calls:

Corn down 1 to 2 cents

Soybeans up 2 to 4 cents

 

Yesterday, corn contracts closed 2 ½ to 2 ¾ cents higher but traded lower overnight. Trade expects USDA to lower its yield estimate 2-4 bpa, but whether or not that will happen in the September report is unknown. If USDA holds off until we have actual yield data in October, there could be downward pressure on the markets following next week’s release.

 

Soybeans closed 2 ½ to 4 cents higher yesterday and are still up this morning. Soybeans and meal saw the best closing prices since the August WASDE report. Strong demand for exports and concern about conditions in the central corn belt are providing support to the bean market. With the yield uncertainty, we expect traders to go into next week’s report fairly neutral.