AM Comments 11/02/15
Monday, November 2, 2015, 7:11 AM
Submitted by: Dustin Weiner
The markets look to start the week off quiet with corn a little weaker and soybeans mixed. Corn spent most of last week in a consolidating pattern and didn’t veer from that pattern overnight. With this style of price action evident, there appears to be support building under the corn market and though we will likely test the Oct lows at some point (about 10c lower than today’s price) – many of the technical traders (read: chart watchers) feel that downside risk is becoming somewhat limited in severity.
The weekly crop progress reports will be out this afternoon and most are expecting U.S. corn to be around 85% harvested and soybeans to be over 90% harvested. One week from tomorrow (Nov 10th) the USDA will be releasing their November S&D which will be highly anticipated as the trade is looking for any signs of a major shift in fundamentals.
The outside markets aren’t offering much direction as they appear mixed today with the $US lower and crude oil is lower along with most other commodities. The crude oil market may be finding a bit of pressure thanks to a warmer November weather forecast for the U.S.
Corn 1 to 3 cents lower
Have a great day!