AM Comments 10/01/14
Wednesday, October 1, 2014, 7:10 AM
Submitted by: Dustin Weiner
The markets are all slightly lower this morning on very little news. Locally here in Iowa rains have shut harvest down in some places until early next week due to waterlogged fields. (the 24 precip and current radar maps are below). The dry, windy forecast for this weekend into next week should give producers an opportunity to dry out and get back in the fields. They may want to hustle, as rain chances perk back up a touch in the extended 8-14 day outlook…
Other than that? Not much going on. There has been a lot of negative news floating around our markets lately, whether it’s big yields or a strong $US or nasty looking charts – everyone has found a reason to sell futures. To a farmer/producer it may feel like there is no end in sight to how low this can go, but to a technical chart trader – November soybeans look to find its first level of support around 8.81 (approx. 30c lower than yesterday’s close) and its next level of major support is the Dec ’08 low of 7.76 ¼. December corn futures should find support from 3.17 down to 3.10 (10c lower than yesterday’s close) and its next level of major support is the Sep ’09 & Dec ’08 lows between 2.96 ¾ and 2.90.
Corn 1 to 2 cents lower
Soybeans 2 to 3 cents lower
Have a great day!