Market News- POET: Portland  10/22/18 9:54:56 AM Printer Friendly VersionPrinter Friendly Version

Monday, October 22nd
  • Corn started the week slightly lower overnight, before finding some strength around 5am to boost prices into positive territory.  Soybeans were a bit firmer spending most of the night session in slightly higher territory.
  • It was an active harvest weekend and that should continue over the next 10 days.
  • South American weather continues to look favorable with dry areas of Argentina shrinking a bit while Brazil continues to see favorable precipitation.
  • Technically, after wiping out last Monday's gains the market has more of downside bias, but would expect it would be more of a grind lower IF the downtrend continues with better support showing up between $3.50 and $3.65 on the Dec corn contract.
  • Friday's Commitment of Traders report showed funds a little longer than expected in corn and shorter than expected in soybeans…but not enough to have a significant market impact.  It's one thing to cover shorts in corn, but quite another to continue building length.
  • Soybean harvest should be around 50-55% complete with corn right around 50% complete in this afternoon's NASS report.
  • Plenty of rumors about the upcoming G20 meetings with some speculating that it could be a turning point in the trade battle when Trump and Xi meet.  So far, the market is not reacting with much enthusiasm for that idea.
  • The past few weeks have featured strong starts to the week before selling off the second half of the week.  We don't see a reason why that should continue this week, but will be watching for early week strength just in case.
  • Uneventful start to the week seems to be the buzz word. 
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