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Monday, November 3, 2014
FC Morning Grain Market Commentary for 11/3/2014
AM Comments 11/3/2014
Monday, November 3, 2014, 8:11 AM Submitted by: Joel Pudenz
Pullback pressure this morning has corn and soybean futures lower at the 7:45 break after positive performances for both commodities on Friday. Soybeans are down 10 cents and corn is 4 cents lower. Harvest progress and good weather is adding some pressure too as we look at a favorable national forecast for this coming week. Expectations for tonight’s harvest progress report show us gaining some ground compared to our average pace. Corn is expected to be 61% to 65% complete (73% on average). Soybeans are expected to show us catching up to our average pace of 84%. We’ve got a chance for rain across Iowa today and another small chance on Wednesday. The 10-day has rain in the forecast for next Monday as well, but the feel is most of corn harvest should be wrapping up by then.
Soybean meal basis (the reason for our recent run in soybeans) still hasn’t broken lower. We have a lot of soybeans around, but the number of bushels that are available due to logistical hang-ups are much fewer. Once those issues get resolved, we can expect the recent premium placed on the market to disappear.