AM Comments 10/31/14
Friday, October 31, 2014, 7:10 AM
Submitted by: Dustin Weiner
The corn and soybean markets are weaker this morning after trading steady/higher for most of the overnight session. Many traders feel that after this week’s sharply higher move in both the soy complex and in corn – prices may have made a short term top. One of the main drivers for the higher prices was the basis strength in cash soybean meal and the last day or so basis levels appear steady/weaker which could explain the relaxation of our markets.
Weather… there is a front expected to move through early next week with the heaviest rainfall expected from the southern Plains to the eastern Great Lakes and Ohio Valley. It doesn’t look like a lot of rain, but it could cause a little buying later today as the trade may anticipate a harvest slowdown early next week.
Outside markets are mixed at this time with crude oil trading lower, the stock market slightly higher and the $US a little firmer.
Corn 2 to 3 cents lower
Soybeans 3 to 5 cents lower
Have a great day!