Morning Market Review by Bryce Knorr
Morning Price Trends
Corn: Down 1 to 2
Soybeans: Down 4 to 7
Wheat: Down 5 to 8
Futures are trading lower across the board this morning, with traders worried about headline risk as the market winds down for a holiday weekend in the U.S.
Corn is suffering modest losses ahead of the pit open in Chicago, following wheat lower after Russian officials repeated assertions they will not impose a ban on exports to deal with the country’s short crop this year. For now, at least, that leaves Russian grain free to flow out of the Black Sea, though higher prices could eventually ration that supply – with a little help from government intervention.
Otherwise, traders are waiting along with investors to find out if Federal Reserve Chairman Ben Bernanke hints at any new measures from the central bank in a speech this morning at the annual Jackson Hole, WY, conference. Bernanke’s speech is due at 9 a.m. Chicago time.
