AM Comments 10/07/16
Friday, October 7, 2016, 1:10 PM
Submitted by: Dustin Weiner
As the week comes to an end our markets are trying to leak a little higher. We started the night session off firmer and were bouncing around unchanged at the 7:45am pause. So far this week: December corn futures are around 3c higher and November soybean futures are 6 cents higher. Holding those gains through today could help boost the idea that the seasonal lows are in (particularly in corn)…
The weather maps still show a dry pattern setting up for next week that looks like it could hold for the majority of October. This could ease any concerns over harvest delays from the wet weather this week. Next week (Wednesday morning) the USDA will release their updated S&D. The trade is expecting corn yield/production to be lower than the September report – but not by much. There doesn’t seem to be much conviction in the corn estimates, likely because it is so early in the season. On the flip side, most everyone is in agreement that the soybean yield and production numbers will be increased and the average trade guess looks to be 1 bpa higher than last month. Of course, this is all “in the market” and deviations from that on Wednesday is what will move prices.
Have a great day!
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