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MARKET COMMENTARY

Morning Comments 10/21/2014

Tuesday, October 21, 2014, 8:10 AM
Submitted by: Joel Pudenz


Harvest progress reports yesterday showed that we have yet to catch our average pace. Nationally, corn is 31% complete vs. 53% on average and soybeans are 53% complete vs. 66% on average. Interestingly, we’re half done with soybean harvest and the soybean market seems to feel comfortable at current levels – which are 40 cents off the lows. Iowa corn harvest progress is 19% complete (vs. 53% on average); soybeans are 61% complete (vs. 71% on average). We could see some more harvest pressure the next 10 days if yields continue to impress. The Chinese economy is growing at a slower pace (which can weigh on the soy complex), but some argue the current strong bean demand still has room to grow.

 

Opening calls

Corn steady to a penny higher

Soybeans a nickel higher

 

Have a good day!

 

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