FC Market Commentary for October 29, 2012

FC Market Commentary for October 29, 2012 from Dustin Weiner

Dustin Weiner

Today looks to be a low volume, quiet, choppy day as attention is diverted to Hurricane Sandy.  Wall Street is closed (first time since Sep 11^th, 2001) along with basically the whole eastern seaboard (8000 flights cancelled) and USDA reports are being delayed at least a day as federal offices in DC are shutting down.  The Chicago Board of Trade will struggle to find direction without influence from either the USDA or the financial markets. 

Overnight the soybean market slipped lower on both the US and China after reading updated SA weather forecasts.  These maps show much needed rain moving into central and northern Brazil which will allow farmers to plant. 

Grain futures trading at the CBOT has been painfully slow for quite a while now and it feels like the trade is waiting for the Nov USDA S&D report for direction.  I don’t feel like this report will hold some mysterious surprise to shock the market up or down, but when fundamental news is scarce we will take whatever we can get.  Some feel like they could show a slight increase in soybean production while decreasing corn production (basically continuing their trend in both commodities).  The private companies will all start releasing their projections (guesses) on what that report will say this week and next.  The USDA will be releasing this S&D and Production report on Friday November 9^th.

Currently

Corn is steady to 3c higher

Soybeans are 14 to 27 cents lower

Both of these are on LOW volume and could rally or drop in a hurry today. 

Have a great day!