AM Comments 10/05/16
Wednesday, October 5, 2016, 1:10 PM
Submitted by: Dustin Weiner
It was a mixed trade last night with corn leaking a little lower, after yesterday it traded at its highest price since mid-July. Soybeans were a touch higher last night on what appears to be technical (chart-related) support. The outside markets are offering a little support this morning with crude oil higher (nearing $50/barrel again) and the $US is lower.
Weather… yes, the nearby forecasts look a little wet but the extended maps (shown below) are showing normal temps and below normal precipitation which is of course excellent for harvest progress. Informa (a well followed private company) will be out with their updated estimates on corn and soybean production this morning. This could give the market some direction – watch for that at around 10:30 AM. The USDA will be out with their updated estimates next week.
Corn 2 to 3 cents lower
Soybeans 2 to 3 cents higher
Have a great day!
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