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Wednesday, October 22, 2014
FC Morning Grain Market Commentary for 10/22/2014
AM Comments 10/22/14
Wednesday, October 22, 2014, 7:10 AM Submitted by: Dustin Weiner
The soybean market popped higher again last night on the general slow start to harvest in the Eastern Corn Belt which is rallying spreads and basis for both soybean meal and soybeans as the soybean pipeline isn’t quite full yet. The funds also appeared to be active last night with another round of aggressive buying on what looked to be high volume (overnight volume in both Dec corn and Nov beans is estimated to be around 30,000 contracts). Farming selling of soybeans has been strong in both the US and Brazil/Argentina as most farmers are able to sift through the static and realize that these rallies are great selling opportunities in what still looks to be a great U.S. crop and overall increasing world stocks of grains/oilseeds.