AM Comments 10/06/14
Monday, October 6, 2014, 7:10 AM
Submitted by: Dustin Weiner
Our markets traded higher early on last night and never looked back with corn and soybeans both posting nice gains at the 7:45am market pause. A weaker $US seems to be the reason that commodities are bouncing this morning. Although, soybeans are leading the charge higher in our ag world with a few bullish stories: wetter than ideal harvest weather, strong crush margins, record strong exports and funds who are extremely short and seem to be in the mood to take profits. Those who watch charts probably noticed that soybeans actually closed higher on the week last week (the first time since the first week of August). This could also lend support to the idea that some of the big money may start to take profits in their record long shorts.
Generally as we look ahead to the week – the October S&D will be out Friday and that could/should be a key driver of prices as we work through harvest.
Corn 3 to 5 cents higher
Soybeans 12 to 15 cents higher
Have a great day!