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Commentary

Grain Commentary By Jeff Thatcher

Friday September 25th
 
Corn: +1 ¾  
 
The corn market had a quiet session that saw it trade slightly higher much of the session.  December futures gained nearly 2 cents on the day after trading in just a 4-cent range.  Corn finished the week off just over 13 cents after closing lower 4 of 5 sessions.  Light fund buying was seen today after a week of reducing their long position.  Today’s CFTC report showed a fund net corn long of over 60,000 contracts.  Export demand remains strong with another solid week of sales, but daily announcements have been fewer with talk that China has possibly booked all the need for the time being.  Yield reports remain highly variable as harvest is just ramping up with the trade expecting progress to be near 15% in Monday’s update.  Next Wednesday will bring the September stocks report. 
 
Soybeans: +2 ½        
                         
Soybeans turned higher during the daytime hours today after a slightly lower overnight trade.  The November contract finished just over 2 cents higher today, just over 7 cents above the overnight low.  Soybean products were supportive with both meal and oil posting modest gains.  Today did mark the only higher soybean close of the week with nearby beans losing 41 cents for the week.  Soybean export demand remains solid with another small sales announcement this morning, but the trade is aware that the recent torrid sales pace will not continue.  Soybean planting in Brazil is running behind the average pace which should extend the US export season further into the spring.   
 
 

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