Fccoop

MARKET COMMENTARY

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. 

 

Opening Calls

Corn 2 to 3 cents lower

Soybeans 3 to 5 cents lower

 

Have a great day!

 

@fccoopgrain

 

 

 

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