PM Comments 10/8/2014
Wednesday, October 8, 2014, 4:10 PM
Submitted by: Joel Pudenz
We’ve got a mixed bag at the close with corn 3 cents on the positive side and soybeans 6 cents on the negative side. We don’t have much new fundamental news hitting the market until the Friday report and both markets have seen gains the last couple days (so the choppiness is expected). Looking forward to Friday, the market expects an increase in total production (to about 14.5 bln bu.) and carryout (to about 2.130 bln bu.). These numbers don’t feel so far-fetched with the consistency of high yields being reported to traders. Weather continues to look good for harvest here in Iowa; the next chance of rain is showing up for Sunday/Monday of next week. After that, we have a clear forecast that will be needed – and most assuredly used – to catch up on harvest progress.
Have a good night!