PM Comments 10/6/2014
Monday, October 6, 2014, 4:10 PM
Submitted by: Joel Pudenz
A weaker dollar (which has been roaring strong lately) and a slow start to harvest finally brought the bulls to life today with corn closing up 9 cents, soybeans up 30 cents, and wheat up 6 cents. We’ve been oversold for a while now and a large USDA S&D report due Friday had the funds short covering today, adding support to the corn and soybean markets. Harvest progress and crop conditions were released this afternoon; crop conditions were steady from last week for both corn and soybeans. Corn harvest progress is 17% complete nationally (20% expected, 32% on average) with Iowa at 5% complete. Iowa is typically around 25% done by now. Soybeans are 20% complete nationally (35% on average) with Iowa at 9% complete vs. 42% on average. We definitely have some catching up to do, which will hopefully happen in the next 7 or 8 days.
Have a great night!