AM Comments 10/20/15
Tuesday, October 20, 2015, 8:10 AM
Submitted by: Dustin Weiner
The markets are a little firmer this morning following yesterday’s losses. Yesterday’s crop progress report showed U.S. corn harvest at 59% complete, in line with guesses and a touch above the average of 54%. Soybeans show 77% harvested, also in line with guesses and well above the average for this time of year of 68%.
The corn chart (along with the wheat chart) has taking a bit of a hit lately but corn is attempting to hold in here at $3.75 on the December futures contract. It appears that if it breaks through that support we could make a run at the September lows (approx. 15c lower than the current price). After a nice rally a week ago today, the soybean chart has given much of that back but is finding support around $8.90 on the Nov board (this was the highest price we had seen before that breakout last week). While talking about futures prices it is interesting to note that December corn futures this morning are approx 30c higher than 1 year ago today while soybean futures this morning are approx 50c lower than 1 year ago today.
Corn 1 to 2 cents higher
Soybeans 3 to 6 cents higher
Have a great day!