AM Comments 10/30/15
Friday, October 30, 2015, 7:10 AM
Submitted by: Dustin Weiner
As the week comes to a close, corn and soybean futures are trading a touch higher this morning. On the week, soybeans have lost over a dime while corn is a penny higher or so and wheat is roughly 30 cents higher (which is likely helping support corn). World weather concerns continue to support wheat as it was up just shy of a nickel again overnight.
As far as U.S. weather is concerned, NOAA’s 6-10 and 8-14 day outlooks call for above normal temps and precip for the near future. Brazil is expected to see good rains this weekend into early next week (1-4” possible) across key production areas which could keep a lid on soybean prices. That 7pm open on Sunday night could prove interesting as the system moves in and either exceeds or disappoints the market.
Overall for today, look for a quiet trade - while it should start out a little firmer this morning, a two-sided trade ahead of a “weather weekend” (namely in South America) wouldn’t be surprising.
Soybeans 3 to 4 cents higher
Have a great day!