AM Comments 10/2/15
Friday, October 2, 2015, 8:10 AM
Submitted by: Eric Kist
Corn and beans took a small step backward during the overnight session on another night of low-volume trade. As we come in this morning, both grains are down 2 cents on a general lack of selling.
After yesterday’s 15 cent loss, soybeans look like they are going to test the low of the week for November futures at 8.73 ½. December corn futures continue to chop sideways, and looks like it will trade near the lower half of this week’s 11 cent range. We may see some support in grains from a weaker dollar this morning, as the newly released US Jobs Report showed only 142k jobs were added in the month of September, while the market was expecting an average of 230k new jobs. Currently the $ Index is down nearly 1%, and US equities are sharply lower on the news as well.
Harvest activity has been ramping up throughout Iowa the past few days, and we should have a big weekend ahead of us. Over the next 10 days, weather in the Midwest will be nearly ideal, as temperatures should be near to above normal, while precipitation should hold off until late next week.
Corn: 1-2 lower
Beans: 1-2 lower
Have a great day!