Morning Comments September 23, 2019

Handfulofsoybeans

Opening calls:

Corn up 2 to 4 cents

Soybeans up 12 to 14 cents

Friday, the December corn contract closed 2 cents lower, settling at $3.70 ¾, and the July contract was 2 ¼ cents lower closing at $3.95 ¼. For the week, the December contract closed 2 cents higher, and the July contract closed one ¾ cent higher. Friday, the November soybean contract closed 10 ¼ cents lower, settling at $8.82 ¾, and the July contract was 8 ¾ cents lower closing at $9 28 ¾. For the week, the November contract closed 16 cents lower, and the July contract closed 14 ¼ cents lower. Corn and beans are trading higher this morning as trade is watching the unfavorable harvest weather, making it difficult to harvest. Corn traders were a little shocked to see the large short position that funds are sitting in, giving hope of a large short-covering rally. Lastly, trade is expecting that harvest results are going to show yields significantly less than the USDA’s numbers.