AM Comments 10/09/13
Wednesday, October 9, 2013, 8:47 am
Submitted by: Dustin Weiner
Good morning!
It is pretty quiet out there today. Fresh fundamental news is hard to come by and the government is still shut down. A few gov’t reports will still leak out, such as the weekly ethanol data report (coming today). Will there be enough money to release that same report next week if the gov’t is still shut down? Who knows, it doesn’t sound promising. It sounds like we won’t be getting our weekly corn/soy export sales report tomorrow morning and we already know we are getting the monthly S&D that was due out Friday.
Overall, the market has this general ‘sideways to weaker’ tone thanks to standard harvest pressure. Soybeans are ready across most of the Midwest and farmers who haven’t switched over from corn will probably be doing so soon. This could keep nearby corn basis feeling firm, although the clock may be ticking on that with the record US corn production hanging over our heads.
Currently
Corn is steady to 1 cent higher
Soybeans are 5 to 8 cents lower
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