Tuesday, October 30, 2012, 7:59 am
Submitted by: Dustin Weiner
Submitted by: Dustin Weiner
Our markets are bouncing a bit higher this morning (Turnaround Tuesday perhaps?) - corn is a touch higher while soybeans are slowly rising from the ashes of yesterday’s sell-off. There are rumors floating around that China stepped in and bought 4-6 cargoes of US soybeans yesterday after the big break lower which is adding support. Confirmation of those trades could put us in full recovery mode.
Due to the now dubbed “Superstorm Sandy” hitting the east coast Wall Street is closed again today, this is the first time since 1888 (everyone remembers the blizzard of 1888, right?) that the New York Stock Exchange has been closed for two working days in a row. So, outside market influences will once again be mostly absent from today’s trade. The USDA’s crop conditions report that normally comes out Monday afternoon’s is also still under delay – not sure when we will see that but it could slip to tomorrow.
Currently
Corn is 1 to 3 cents higher
Soybeans are 4 to 6 cents higher
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