AM Comments 10/07/14
Tuesday, October 7, 2014, 7:10 AM
Submitted by: Dustin Weiner
After what I would consider a pretty impressive rally yesterday – corn and soybean prices are relaxing a bit with both commodities trading a shade lower at this time. The crop ratings and progress reports yesterday afternoon confirmed that harvest is a touch behind the average pace – but overall this didn’t give the bulls much of a reason to stand in there and buy last night.
The extended weather outlooks look wet (and warm), with above normal moisture showing up in the northern and the eastern parts of the corn belt (the 6-10 and 8-14 day maps are shown below). In the short term – a large rain event is penciled for late this week across the southern part of the corn belt which should put a stop to harvest progress in the South. These harvest delays and less-than-ideal weather forecasts were likely already factored into the markets with that price rally yesterday…
Corn 1-2 cents lower
Soybeans 2 to 4 cents lower
Have a great day!