AM Comments 10/23/14
Thursday, October 23, 2014, 8:10 AM
Submitted by: Dustin Weiner
The weekly export sales report was out at 7:30 this morning and it showed big bean sales which popped beans up from a couple cents lower to a couple cents higher. Corn sales were also on the strong side of expectations, holding the corn market for now at a touch better than yesterday’s close.
The charts took a nasty turn yesterday after a sharp sell-off in the soy complex at the end of the day. It will be interesting to watch to see if yesterday’s action confirmed some sort of a short term top in soybeans. There are scattered showers moving across the belt today but behind that system is nothing but sunshine and warmer temps to finish out the week/weekend. Next week’s forecast also looks favorable for harvest with only small chances of light showers. There is still over half a corn crop and around a third of a bean crop left to harvest, but the U.S. farmer should make great progress over the next 7-10 days.
Corn steady to 1c higher
Soybeans steady to 3c higher
Have a great day!