AM Comments 10/19/15
Monday, October 19, 2015, 7:10 AM
Submitted by: Dustin Weiner
Lower markets overnight which many are chalking up to “harvest pressure”. Although if you glance around the news wire you will see some various bearish stories that are also likely having an impact… reports out of China are showing slower economic growth, crude oil has been showing mixed signals lately but seems to be working lower this morning as supplies grow, and lastly our equity markets look to have an unexpectedly lower start to the week.
Going forward, we will have a couple small reports out today – export inspections (which reflects shipments made last week) will be out this morning and the harvest progress report will be out this afternoon after the close, along with the crop condition ratings. Shouldn’t be many surprises, although the shipment report will be interesting as even though export sales are slow, the gulf has been loading boats at a fast pace so far this fall.
Midwest weather maps are calling for some wetter weather this week which could in theory give harvest a slight break. This wet forecast is welcomed in wheat country and is weighing on winter wheat prices this morning (which tends to drag corn with it). The 5-day QPF forecast is shown below.
Corn 2 to 3 cents lower
Soybeans 1 to 3 cents lower
Have a great day!