September 27, 2017
Producer Marketing Manager
CORN: As of 7:45 – Down 2
Lower again overnight as the market struggles to find traction amid the early stages of harvest. The funds continue to add to their short position by selling approx. 5000 contracts yesterday, putting them around 122,000 contracts short. USDA report Friday has most guesses for Sep 1 stocks around 2.35 to 2.4 billion bushels.
SOYBEANS: As of 7:45 – Down 3
Soybeans were lower overnight at the market is trading right at some key support areas at the 100 day moving average of $9.60 ½ on the Nov contract. Funds in the soybean complex sold approx. 6000 contracts yesterday, trimming their long position to just 17,000 contracts. The forecast for the upper plains looks to favor harvest progress again after the soaking rains over the weekend.
WHEAT: As of 7:45 – Mpls Up 2, KC down 2
Mpls was the only market higher overnight. Not much for news in the wheat markets in front of Friday’s Sept 1 stocks report.