PM Comments 10/21/2014
Tuesday, October 21, 2014, 4:10 PM
Submitted by: Joel Pudenz
Corn, soybean, and wheat futures all closed in the green today, finding support from technical & fund buying and below average harvest progress estimates. Rumors of China looking for more soybeans also supported soybean futures, potentially adding to an already robust export pace. We are looking at great harvest weather the next few days: there is a chance of rain Thursday and then again early next week. Fundamentally, the market will eye how well/fast harvest progresses after the slow start (and if any forecasted rain will hinder harvest). Technically, corn and soybeans are performing well as they trade near 40 and 50-day average price levels.
Corn closed up 7 to 8 cents
Soybeans closed up 17 to 20 cents
Have a good night!