PM Comments 10/13/2014
Monday, October 13, 2014, 2:10 PM
Submitted by: Joel Pudenz
Corn and soybean futures shook off Friday’s bearish report today, posting strong gains of 11 to 12 cents for corn and 23 cents for soybeans. We can credit short covering for most of the boost in price levels, but widespread rainfall – and the resulting delay in harvest – was also seen as a supportive input. Stock indices are weaker again today, adding additional supportive money flow into commodity markets. Dry weather is on the way once this weather system moves out (which will leave the bulls searching for new reasons to stick around). Harvest progress and export estimates will be released tomorrow due to the Columbus Day holiday. Most expect corn harvest to be between 20% - 25% complete nationally and soybeans 27% - 31% complete nationally. Soybean planting is underway in Brazil (thought to be about 8% complete) and weather down there looks to be dry for the next 8-10 days.
Have a good afternoon!