Morning Market Review by Bryce Knorr

Morning Price Trends
Corn: Up 2 to 4
Soybeans: Steady to down 2
Wheat: Up 2 to 4

Futures are mixed this morning, but Monday’s sharp sell-off so far isn’t attracting serious follow-through weakness. Today’s stability could be the calm before the storm, with Wednesday’s USDA report for September a major market milestone.

Corn is higher today, recovering a little of Monday’s losses, which took prices below chart support to a test of the 50-day moving average for December futures.

Traders expect USDA to cut its forecast of 2012 crop production by 400 million bushels, with a slight reduction in new crop carryout as well. USDA Monday reported 15% of the crop harvested, a little below expectations. Nationwide ratings were unchanged, but statewide conditions approved about a half bushel per acre to 117.6 bpa, in line with the Farm Futures estimate of the crop.

http://www.farmfutures.com/story.aspx/morning/call/by/bryce/knorr/22/30780

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Posted September 11, 2012 by Editor.

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About Cameron Hanover: The information presented, while from sources generally believed to be reliable, is not guaranteed and may not be complete. Cameron Hanover makes no representations or warranties regarding the correctness of any opinions or information. Past results are not necessarily indicative of future results. Nothing in this report should be construed as a representation to buy or sell shares, futures or options, which contain considerable risks. Any reproduction, re-transmission, or distribution of this report without permission is prohibited. Media correspondents or reporters may not quote any one page or section in its entirety and must attribute all quotes, ideas or concepts herein.

Morning Market Review by Bryce Knorr

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