October 21st, 2015
Grain Marketing Specialist
Corn is just hovering unchanged this Wednesday morning, as it tries to hold on to gains in the overnight. Rain forecasts could slow harvest this week, but the precipitation is seen as beneficial, and we are about 60% done with harvest nationally. Ethanol numbers will be out later today. Bottom line, without any real major game changing news, I would expect to see corn hang around the levels we are seeing.
Soybeans: 3 higher
Soybeans continue to push ever so slightly higher. Forecasted rain could slow harvest, but with the nation being about 77% done, any harvest delays will probably be seen as uneventful. There was a sharp drop in the Chinese stock market last night. This may put China’s economic woes back in the spotlight. Any major rallies will continue to depend on Chinese demand and South American weather.
Below is a chart for expected precipitation this week.
Wheat: 1 – 2 higher
Pressure continues to limit wheat rallies as supplies are plentiful across the world, and weather forecasts, for the US, are seen as beneficial for growing wheat . Texas is expected to see about 7 + inches. US wheat is also seen as expensive compared to foreign sources.