AM Comments 10/18/16
Tuesday, October 18, 2016, 1:10 PM
Submitted by: Dustin Weiner
Our markets spent a good portion of the night session trading higher but have run into what looks like technical (chart) resistance and were trading lower at the 7:45am market pause. After a few days of nice rallies – we may be taking a break.
Yesterday afternoon’s crop progress report pegged US corn harvest at 46% complete and US soybean harvest at 62% complete (maps below). The corn number was a little behind the estimates but soybeans were pretty close. Both of these numbers are behind the 5-year average pace, but it’s close enough to “average” that there still isn’t much concern out there about harvest delays. The weather forecasts still look pretty favorable – although the outlook is not something I would call “wide open” as it appears like there will be a few rain breaks over the next few weeks.
Corn 1 to 2 cents lower
Soybeans 2 to 4 cents lower
Have a great day!
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