Morning Comments October 16, 2017
Monday, October 16, 2017, 9:10 AM
Submitted by: Landus Cooperative
Corn steady to -1
Beans – 3 to -4
Corn traded slightly lower on the overnight session with improved harvest conditions in the forecast. Some in the trade thinking 17/18 US carryout may reach 2.4-2.6 billion bushel if we continue to see strong yields and weak demand. On Friday, the CFTC reported corn funds were net short 163k contracts as of last Tuesday, adding nearly 20k vs previous week. If we ever do see a reason for funds to cover these short positions, we could see a nice rally as a result.
Beans traded lower on the overnight session after running into some heavy resistance during Friday’s trade. The soybean market is looking for direction. Trade will be monitoring yields for the remainder of harvest and will be watching the South Amearican crop very closely.