AM Comments 11/11/2014
Tuesday, November 11, 2014, 8:11 AM
Submitted by: Joel Pudenz
Winter is still “officially” over a month away, but it sure feels like it’s arrived here in Central Iowa this morning. Temperatures are hovering in the mid-20’s and wind chills are in the low teens and single digits. The market feels like it’s still thawing out this morning as well. A quiet trade last night into this morning has the corn market steady to 1/2 cent higher and soybeans 3 cents higher. USDA harvest progress estimates yesterday afternoon put corn and soybean harvest near the average for completion (80% for corn vs. 80% on average; 90% for soybeans vs. 91% on average), which was a neutral input for the trade. The S. American crop is off to a good start as producers in Brazil are nearly half done with planting soybeans (enabled by improving soil moisture conditions). Outside markets are mixed with the dollar and crude oil both trading even to slightly lower. Look for the trade to continue in this choppy fashion as it looks for fresh fundamental news.
Have a great day!