Morning Market Insight
Lynn Miller
November 2, 2015
Overnight session ended with most commodities on the defensive. Corn -2, Beans +1, Spring Wheat -4 ½, Winter Wheat -3. US dollar and crude are both lower this morning.
New trading limits in effect this morning:
Wheat – 35 cents
Corn - 25 cents
Soybeans – 60 cents
Without a major weather issue in South America beans and meal look susceptible to another leg lower. New forecasts out of Brazil show their weather warmer and drier than thought on Friday. US beans also need Chinese demand to stay at the high levels we saw a week ago. New sales; however, have slowed. The corn market has surprisingly held in there with little new news to trade and a sluggish demand picture. Then there’s wheat, the overwhelming world supplies and the US’s lack of competitiveness in the world market keep a negative tone in general; however, we can’t rule out more short-covering support to come before this latest rally peaks out.
FC Stone final corn and soybean yield estimates out this afternoon.
Informa estimates tomorrow.
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