PM Comments 10/2/2014
Thursday, October 2, 2014, 4:10 PM
Submitted by: Joel Pudenz
Higher closes today for corn, soybeans, and wheat – widespread heavy rainfall added continued delays to harvest and supported nearby prices. After today, the next big rain event is forecasted for Friday OCT 10/Saturday OCT 11. Wind is in the forecast for tomorrow and Saturday, which we will need (some parts of Iowa received 3+ inches of rain, some places in Illinois up to 6 inches). The dollar was weaker today, but export sales for both corn and soybeans were on the low end of estimates, capping any potential gains this rainy weather or the dollar had to offer.
Corn closed 1 to 2 cents higher
Soybeans closed 7 to 8 cents higher
Wheat closed 3 to 4 cents higher
Have a good night!