The Crowley Report 9/22/2014

The Crowley Report 9/22/2014 New contract lows traded to end the week for corn, wheat, and soybeans. There is likely more downside risk in all of these markets as traders are focusing on the huge crop coming our way. Some are looking for a further increase in yield projections for the USDA S&D report for both corn (approaching 180 bpa?) and soybeans (near 50 bpa?). Only time will tell, but early indications point toward this crop getting bigger, not smaller in the October report. The early Midwest yield reports remain good, and follows a trend of yields from the Delta and Gulf states. Huge supplies ready to move on the market, the start of planting in Brazil and the favorable weather for harvest in the Midwest [more]

The Crowley Report 9/16/2014

The Crowley Report 9/16/2014Soy futures closed firm at the end of the week in light volume trade, with support offered from short covering ahead of the weekend, though new crop futures still lost 36 cents on the week. The September futures expired which should take some of the extreme nearby volatility that we have witnessed in recent weeks out of the market. The USDA report some 900,000 MT of sales to China and Unknown destinations late in the week. There were part of framed contracts that were signed by a visiting Chinese delegation. The contracts in no way change export estimates.  Worries over a weekend frost threat for the Midwest were also enough to trigger some short-covering. In the crop report, the USDA [more]

The Crowley Report: 9/8/2014

The Crowley Report: 9/8/2014Chatter of a frost threat in the two week forecast had corn, soybean, and wheat futures higher at the close to end the week. We’ve got a drop in temperatures coming, but most put lows in the mid to upper 30s – we need sustained, sub-30 degree temps for frost damage to occur. All-in-all, it was mostly an excuse for profit taking on a Friday. Bulls also looked at Informa’s production estimates as reasons to buy today, coming in lower than other private projects, but still higher than the USDA. Unlike the other estimates, Informa's numbers reflect what they think the USDA will say next week, not a final crop estimate.  On the week, corn futures lost nearly 9 cents [more]

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