AM Comments 10/26/15
Monday, October 26, 2015, 7:10 AM
Submitted by: Dustin Weiner
The soybean market started out higher last night but came under pressure after updated weather forecasts came out, showing improved rain chances for northern Brazil. On a chart, this pushes soybean prices down below the 20-day moving average for the first time in two weeks which is testing key support levels. With the strong rains in Texas over the weekend, wheat prices are firmer this morning which could eventually spill over into corn futures.
This afternoon the harvest progress report will be out, the market is expecting it to show corn harvest around 80% complete while soybean harvest should come in well over 90% complete. Barring any major changes in the nearby weather forecasts, many areas of the belt will be finishing up harvest this week.
Overall for today, we look to start out softer but I wouldn’t be surprised to see us trade higher at some point today – especially in corn.
Soybeans 4 to 6 cents lower
Have a great day!