Market News- POET: Portland 10/22/18 9:54:56 AM
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|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.