AM Comments 10/21/16
Friday, October 21, 2016, 1:10 PM
Submitted by: Dustin Weiner
Our markets overnight were a touch firmer, recovering a bit after yesterday’s lower trade. When looking at the corn chart, yesterday’s price (corn made new highs for the move only to turn around and close lower) looks a little ugly and makes it tough for the technical traders to stay friendly corn.
As we approach the weekend, new fundamental news is hard to find and with the charts sending mixed signals, all we have to talk about is a big harvest that continues to roll on. The weather forecasts haven’t changed too much since yesterday (6-10 day temp/precip maps are below) with warm and wet weather coming at us. It looks like the first good shot of rain is coming early/mid next week which should be enough to get producers to push hard to get a lot of work done this weekend.
Outside markets… In similar fashion to corn/beans - crude oil is also a bit higher this morning after losing over $1/barrel yesterday. The $US index rallied hard yesterday into new 7-month highs and is up again this morning which (if it continues) could be what keeps our grains from mustering a significant rally today. Overall as you probably know, if the $US continues to run higher that is generally not good for our commodity prices…
Have a great day!
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