PM Comments 10/14/2014
Tuesday, October 14, 2014, 3:10 PM
Submitted by: Joel Pudenz
Corn and soybean futures were able to rally for the 2nd day in a row, in spite of a stronger dollar and weaker oil futures. Short covering by the funds lent the most support as corn closed 11 cents higher and soybeans closed 20 cents higher. Delays in harvest progress are adding short term buying action that should disappear once we get some of the warmer/drier weather coming our way. USDA Harvest Progress shows the U.S. at 24% complete with corn harvest (43% on average). Iowa is 10% complete vs. 39% on average. Soybean harvest is estimated at 40% complete (53% on average) with Iowa at 39% complete vs. 65% on average. Nationally we’ve made up some ground, but Iowa is still lagging from over-saturated soils. Some parts of Iowa resumed harvest as early as this afternoon; other areas will have to wait a few days to get harvest rolling again.
Have a good night!