AM Comments 10/21/15
Wednesday, October 21, 2015, 8:10 AM
Submitted by: Eric Kist
Grains appear to have some positive momentum heading into today’s trading session, as soybeans are up 3 cents overnight, while corn has climbed back up to unchanged after trading lower most of the night.
Soybean export volume has started to pick up in recent weeks as China has become more active, but it is worth noting that global competition has also been strong. Thanks to a large South American crop this past year and weakening currencies relative to the US $, exports from Brazil and Argentina into China have increased 52% and 65% year-over-year, respectively.
NOAA’s 6-10 and 8-14 day outlooks predict recent weather trends will continue, as normal/below normal moisture will be seen through most of the Midwest, although Nebraska/Iowa are expected to see ¼ - ½ inch of rain. Temperatures are expected to cool down in the 6-10 day outlook, but will then warm back up through the 8-14 day outlook.
Beans: 3-4 higher
Have a great day!