Fccoop

MARKET COMMENTARY

weekly grain TP's

Wednesday, October 22, 2014, 11:10 AM
Submitted by: Jon Setterdahl


10-22-14

WEEKLY GRAIN TALKING POINTS

  • HARVEST PROGRESS REPORTED MONDAY PEGGED CORN AT 31% (IA19%), AND SOYBEANS AT 53% (IA61%).  BOTH CONTINUE TO LAG NORMAL PACE AND HAVE HELPED SUPPORT PRICES HERE SOMEWHAT.

 

  • EXPORT BUSINESS HAS BEEN MORE ACTIVE AS OF LATE ON BOTH CORN AND SOYBEANS.  LOOKS LIKE SHORT-TERM PRICE LOWS ARE IN, UNLESS CROP SIZE GROWS SIGNIFICANTLY FROM HERE.

 

  • FAIRLY ACTIVE FARMER SOYBEAN SELLING IF CASH PRICES ARE OVER $9.00.  BELOW THAT SHUTS OFF INTEREST.  NOT MUCH INTEREST IN CORN SELLING YET.

 

  • NEXT USDA S/D REPORT IS NOVEMBER 10.  ALL EYES WILL BE ON YIELD CHANGES IN THAT ONE.  THINK THEY ARE PROBABLY PRETTY CLOSE ON LAST CORN PROJECTIONS FOR IA….BUT LIGHT IN THE IL/IN/MO AREA.

 

  • WEATHER LOOKS UNSEASONABLY WARM THE NEXT 2 WEEKS WITH SCATTERED CHANCES FOR PRECIP.  SHOULD ALLOW HARVEST TO KEEP PRODDING ALONG.

 

  • HEARING SOME TERMINAL DELAYS FOR PROPANE ARE BEGINNING.

 

  • CRUDE OIL NEAR $80 AND GAS BELOW $3.00/GAL GONNA PINCH ETHANOL MARGINS….DESPITE CURRENT CORN PRICES.

 

  • A LOT OF THINGS HAVE AN “UNCERTAIN” FEEL RIGHT NOW.  NATURAL REACTION TO UNCERTAINTY IS TO PULL BACK….IE STOCK MARKET, ENERGY PRICES, WORLD GEO-POLITICS.

 

 

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