PM Comments 11/4/2014
Tuesday, November 4, 2014, 4:11 PM
Submitted by: Joel Pudenz
For the second day running, corn and soybean futures failed to stop negative momentum that took 9 cents off corn prices and 20 cents off soybean prices. Follow through selling from yesterday (fund selling and profit taking) applied pressure after several private crop estimates reminded us all how big this year’s crop really is (14.4 – 14.7 bln corn, 3.9 – 4.1 bln beans). We are making some progress with harvest and nothing is currently threatening completion (about 5 bln bushels left for corn and 700 mln bushels left for soybeans). Some rumors of bird flu popping up in China again added additional pressure to the soybean market. Soybean meal felt that pressure today too, but was able to settle nearly even. Nearby meal futures and soybean meal basis are still showing some strength – or at least haven’t broken lower – which may continue to give the front end of this soybean market some short lived support.
Have a good night!