AM Comments 10/31/16
Monday, October 31, 2016, 12:10 PM
Submitted by: Dustin Weiner
Our markets look to start off a bit cautious this morning with corn and beans both a little lower while wheat is a shade higher. There’s not a lot of news… the weather for the next two weeks looks great which means harvest should wrap up with no issues. As for South American planting weather, it is a little wet in Argentina but Brazil is in pretty good shape so no major issues there. We do continue to hear that China is nosing around the market which means we could find support on any major breaks in soybean futures.
This afternoon we will get the weekly crop progress reports out. The market looks like to be expecting US corn harvest to be 72-76% complete while US soybean harvest should be 84-88% complete. That report is out at its usual time of 3pm.
Other than that – it’s pretty quiet as the month comes to an end. If you are in the mood to stare at charts (and who isn’t?!), the corn chart looks like it is losing a little steam as it retreats from recent highs and tests the 100-day moving average for support. The soybean chart is sending mixed signals – from an extreme short-term view, the weaker move this morning has us in danger of further slippage while a slightly longer term view shows real potential for more upside as we are currently almost 50c higher in the month of October alone.
Corn 2 to 4 cents lower
Soybeans 3 to 6 cents lower
Have a great day!
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