Morning Comments 10/14/2013
Monday, October 14, 2013, 9:23 amSubmitted by: Kyle Lehman
A touch higher markets to start the week led by soybeans. Soybeans are finding strength from wet weather forecasts for the western corn belt which should slow harvest progress in those areas. Rumors continue to fill the air that China was a large buyer of US soybeans last week which won’t be confirmed until the government opens back up. The Chinese government has released estimates for their 2013 crop pegging corn production at record large crop up 4.6% from last year while soybeans are down 4.25%.
Outside markets are bearish with fear the government won’t deal with the lingering debt ceiling issue in the next 3 days. This has the dollar, crude, and equities all trading lower.
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