PM Comments 10/23/2014
Thursday, October 23, 2014, 4:10 PM
Submitted by: Joel Pudenz
Plenty of strength showing in commodities today with soybeans doing most of the flexing and heavy lifting, posting a 30 cent gain at the close. Delayed harvest was a part of today’s rally, but an ever strengthening export pace (China) pushed soybeans above the 50-day moving average around 10:30 this morning – and the support kept on coming. Yearly export totals are about 200 million bu. ahead of this time last year. Fund money flow in search of volatility found its way into the soy complex today, pushing soybeans, soy oil, and soy meal higher. Producer selling is occurring, but not at the pace some expected given current price rallies. Some of that money flow found its way into the corn market also; pair that with fundamental support from strong corn export numbers and we’ve got corn futures closing 6 cents higher (almost 12 cents on the week). It’s hard to say if this is short lived -- corn harvest progress will be nearing halfway after the weekend and we have clear forecasts ahead.
Have a good night!