AM Comments 10/16/2014
Thursday, October 16, 2014, 8:10 AM
Submitted by: Joel Pudenz
Overnight trade was quiet compared to what we saw yesterday: volumes are decently low and trading ranges for both corn and soybeans are 4 to 7 cents. At the 7:45 break, corn was trading a penny lower and soybeans 2 to 3 cents higher. The dollar is showing some strength so far this morning after taking a hit yesterday (which grains seemingly shrugged at) and oil is continuing its plunge, dropping another dollar per barrel as of this morning. Equities are also struggling this morning on fears of a slowing global economy and threats of Ebola.
Harvest is starting to roll again as parts of Iowa are finally getting dry enough to get machinery back in the fields. Weather forecasts have been wrong before, but today we are hoping they’re right: it looks to remain dry for the balance of October. Futures will likely trade mixed to lower today on continuing harvest, a weaker dollar, and weakening crude oil.
Have a good day!