AM Comments 10/27/14
Monday, October 27, 2014, 7:10 AM
Submitted by: Dustin Weiner
It was a good harvest weather weekend across the Corn Belt and the weather forecasts for the week look mostly dry which should accelerate harvest as many farmers wrap up soybeans and switch turn their full attention to corn. The weekly harvest progress report will be out this afternoon, soybeans are expected to come in at over 70% harvested while corn should be over 40% harvested.
A news story this morning that could end up being bearish to corn and soybean prices is the reelection of the Brazilian President. This is expected to weaken the Brazilian currency (the Real) which would not only make Brazilian exports more competitive but it also likely to cause an increase in farmer selling in that part of the world.
Overall expect weaker markets for today and while the markets don’t appear poised to test contract lows anytime soon – an active harvest and negative fundamentals should keep things under pressure today and potentially throughout the rest of the week.
Corn down 2 to 3 cents
Soybeans down 7 to 10 cents
Have a great day!