September 23, 2016
Grain Marketing Specialist
September 30th USDA will release the Quarterly Stocks Report!
Corn: 2 lower
Corn looks like it is going to end the week lower. Export numbers were good. Weather conditions have resulted in a slow start to the US harvest, and the Federal Reserve decided to keep interest rates where they are. Unfortunately, none of that news resulted in a rally and corn continues to move along in its sulking sideways trend. Traders await the Sep 30th Quarter Stocks Report.
Soybean: 11 lower
Soybeans continue a sell off with a potential drier forecast emerging and better yields being reported. Export sales and the overall demand picture are not enough to feed the bulls as we progress through harvest.
Egypt eased their ergot standards in wheat yesterday. This resulted Egypt buying 8.2 million bushels of Russian wheat. Russia was the only one who offered. Hard Red Winter Wheat seeding is going very well here in the US. Fundamentals keep this market down.