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DTN Closing Grain Comments 09/12 14:07
Row Crops Further Weekly Gains Following September WASDE Release
The feature of Friday's session was the release of USDA's September WASDE
and Crop Production reports, offering their estimates of how fall crops in the
U.S. will turn out as well as a look into world grain supplies and usage. For
the most part, I would classify the report as neutral, as in a way it didn't
offer traders a whole lot that wasn't already expected or known. As is the case
with many crop reports, there were bearish and bullish aspects that could be
found within the fine details of Friday's numbers, some of which are discussed
in more detail below. As for outside markets, it was mostly a quiet session
with little news, but a weak consumer confidence reading from the University of
Michigan weighed on investors' minds. Meanwhile, energy markets were higher
into the weekend, but well off their daily highs with a mixed tone overall.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed up 10 1/4 cents and March corn was up 10 cents.
November soybeans closed up 12 3/4 cents and January soybeans were up 12 3/4
cents. December KC wheat closed up 4 3/4 cents, December Chicago wheat was up 2
cents, December MIAX Minneapolis wheat was up 1/4 cents.
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