USDA September stocks report:
Corn carryout: 1.674 billion bushels, slightly below expectations of 1.695
Bean carryout:138 million bushels, well above expectations of 110 mbu.
USDA also revised 2008 soybean production upwards 8 mbu to to 2.967 bbu.
Corn opened lower on weakness in equities and the wheat markets. The market was able to turn higher on a round of late fund buying and outside influences. Traders also continue to watch as corn struggles to reach full maturity with the recent frost in the Midwest and now forecasts for rain events this and next week. There was talk of investment flows into commodities for the end of the month with corn purchases by funds estimated at 5,000 contracts or so today.
Soybeans opened lower on a revised production number from last year, resulting in an unexpected increase in ending stocks. Prices rebounded on outside influences and quarter-end positioning near the close. Commodity funds were estimated to have bought 3,000 contracts of soybeans on the day. The soy oil market lent support to the complex with gasoline futures up $.11 per gallon today! Soybeans also saw some support from expected harvest delays from widespread rain later this week...
Phil Farrell
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