'Harvest Pressure' Has not Hampered Corn, Soy Futures

September 23, 2016 09:38 AM
 
Bloomberg_Corn_Harvest

Corn and soybean futures have not been hampered by so-called “harvest pressure,” with grain markets mixed in early trading Thursday, according to analyst Joe Vaclavik of Standard Grain.

“Corn and soybean futures have really seen no harvest pressure at all this week,” he says. “As a matter of fact, both markets are higher for the week, so we’ve seen some moderate gains.”

In early trading Thursday, December corn futures were down a quarter cent, trading at $3.39 ¾. Meantime, November soybeans rose 3 ¼ to $9.78 ¾; December Chicago wheat was up 1 ¼ to $4.09; and December Kansas City wheat fell ¾ to $4.21 ½.

Commodities, equities and bonds were up across the board after the U.S. Federal Reserve announced it will not raise interest rates, as some had anticipated. The announcement also pushed the dollar lower against most major currencies, and the price of oil rose to around $46 a barrel, Bloomberg reported.

However, it’s more difficult to find long-term positivity for corn among the massive grain stockpiles, according to Vaclavik.

“This winter, we’re looking at a carryout of 2.4 billion bu., so that’s an extra 5 or 6 million bu. [total] that we’ve got,” he says.

Listen to his full comments at https://soundcloud.com/standardgrain. 

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Comments

 
Spell Check

Mark C. Daggy
Humboldt, IA
9/26/2016 11:19 AM
 

  Just don't sell, period. Prices collapse because grain buyers are staring down farmers....and farmers are blinking and selling. If grain supplies were 100% shut-off, prices would climb. Do any farmers need to care what price the grain buyers are offering? Grain buyers must have over 1 million bushels/month and have little choice if grain farmers are not selling at these garbage prices....other than to pay more....much more.

 
 
Mark C. Daggy
Humboldt, IA
9/26/2016 11:22 AM
 

  Just don't sell, period. Prices collapse because grain buyers are staring down farmers....and farmers are blinking and selling. If grain supplies were 100% shut-off, prices would climb. Do any farmers need to care what price the grain buyers are offering? Grain buyers must have over 1 billion bushels/month and have little choice if grain farmers are not selling at these garbage prices....other than to pay more....much more.

 
 
JDACRES
Alexandria, MN
9/23/2016 01:04 PM
 

  An opinion made a day to soon..... Think new crop beans have dropped 35 cents in the last 24 hrs... Corn will soon follow... Big big crops out there, big as in huge... Just saying the truth, as much as it hurts... Trust me, it hurts.. A good hurt... ????

 
 

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