Oct 27, 2016
Grain Marketing Specialist
First Notice Day for November futures is on Monday Oct 31.
Corn: Up 5-8
Corn followed beans higher yesterday as we saw corn 4 cents higher. We did see the market trade fractionally higher on the overnight. We did push through the 100-MA on both the Dec and March contracts. We should see harvest activity pickup back up after a few showers but will see some chances of rain back in the forecast latter next week.
Soybeans: Up 3-5
Beans had a strong showing yesterday on fund buying and a little push from the meal market. We also got help for a softer dollar yesterday. Beans were down 1 ¼ on the overnight. Weather will be an issue in SA as Brazil is expecting more heavy rains next week and Argentina will turn dry. Since Oct 12 (last WASDE report) we have put 65 cents on the bean market.!
Wheat: Up 3-5
With row crop having a strong day, wheat complex rode their coat tails up. Minny up 1 1/2 , KC up 3 ½ and Chicago up 7 ¼. KC and Minny were up fractionally on the overnight and Chicago was up 2 ¾. We also saw support from improved demand and a softer dollar, although it was not weak enough to gain participation in the export arena.