Fccoop

MARKET COMMENTARY

AM Comments 10/29/2014

Wednesday, October 29, 2014, 7:10 AM
Submitted by: Joel Pudenz


At the 7:45 break, corn futures are showing a 3 cent gain, soybeans a 5-6 cent gain, and wheat is 4 cents higher. Crude is trading a dollar higher, the dollar index is a few ticks lower, and soybean meal is $4/ton stronger. Overnight trade for corn and soybeans was two-sided and relatively quiet. The soy complex is continuing to show strength as front end months firm on delayed harvest activity in the Eastern Cornbelt (IL & IN missed most rain events yesterday), a continuing need to fill the soy pipeline, and logistics issues keeping grain movement slow. There are some rumors circulating of S. American meal making its way into the U.S., which would put some pressure on the rallies we’ve seen lately. Weather continues to look good for harvest to progress without many issues.

 

Opening calls:

Corn 3 cents higher

Soybeans 5 to 6 cents higher

 

Have a great day!

 

@fccoopgrain

 

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