AM Comments 10/31/12
Wednesday, October 31, 2012, 8:30 amSubmitted by: Dustin Weiner
Wall Street is back in business today and will resume normal trading hours. The financial markets are called mostly higher, Home Depot is already trading sharply higher as storm cleanup begins across the eastern seaboard.
The $US is slipping back this morning which is aiding small rallies in other commodities such as crude oil & gold (this is friendly to our grains). We should also see some sort of an uptick in volume at the CBOT as traders get back online in the East. With the recent trend being a touch friendly to corn/soybeans, higher volume should be a good thing today.
The USDA is back open as well, we should finally see our crop progress reports (normally released Monday afternoon) later today. The USDA did report the sale of 25k MT of U.S. soybean oil this morning (to China) which is supporting the soy complex. Also, while the gov’t offices were shut down, trade rumors were running wild about China in buying additional cargoes of U.S. soybeans – any confirmation of this from the USDA could push us higher. I wouldn’t expect that until the next weekly export sales report, normally released Thursday mornings.
There are a few stories in world commodities that are friendly today as well – Ukraine’s wheat export ban will officially start on Nov 15th. Also, cash corn prices (offers) in places like Brazil and Argentina have continued to firm up which is slowly making US corn regain competiveness in world trade.
Currently
Corn is 2 to 4 cents higher
Soybeans are 5 to 8 cents higher
http://www.fccoop.com/markets/information.cfm
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