MarketEdge AM Comments
Oct 31, 2023
(Phil Knuth)
Good Morning. Corn and soybean futures were mixed/slightly lower overnight. December corn finished the overnight session off a quarter of a penny, settling at 4.78. November soybeans were off a penny and a half, settling at 12.8125. In the outside markets, as of 7:40am: The US Dollar Index is off 90 points, trading at 106.027. December crude oil is up 30 cents, trading at $82.61 per barrel. Precious metals are mixed. Industrial metals are higher, except zinc. The Electronic Mini-DJIA is up 52 points, trading at 33,069. Corn and soybean futures really didn’t do much of anything overnight. Last night’s session featured thin trading volume and a general lack of new fundamental news regarding grains and oilseeds. Yesterday afternoon’s Crop Progress and Conditions Report showed national corn harvest progress at 71% complete. This figure is a 12-point advancement from last week, is five points above the five-year average, and is three points below one year ago at this time. National soybean harvest progress was pegged at 85% complete. This figure is a nine-point advancement from last week, is seven points ahead of the five-year average, and is two points below one year ago at this time. Today is First Notice Day for November soybean futures as the month of October draws to a close and the November contract comes to delivery. If you have any November soybean HTA’s or basis contracts, they will either need to be priced or rolled before the Chicago Board of Trade closes this afternoon. Yesterday, the funds sold 2000 contracts of corn, sold 5000 contracts of soybeans, and sold 4000 contracts of wheat. They are now estimated to be net short 106,520 contracts of corn, net long 1820 contracts of soybeans, and net short 105,710 contracts of wheat. From a chart perspective, December corn finds initial support at the triple-low from overnight, yesterday, and Thursday, 4.7750, followed closely by last week’s low charted on Wednesday, 4.7675, and then the two-year-plus contract low charted on September 19th, 4.6775. Initial resistance is at 4.80, followed by 4.8425, the double-high charted yesterday and Thursday, and then the psychological 5.00 mark. November soybeans find initial support at the two-week low charted overnight, 12.76, followed by 12.5050, the four-month low charted on October 12th. Initial resistance is at 12.8450, the overnight high, followed by the psychological 13.00 level, and then yesterday’s high, 13.0875. Opening calls are mixed.
Have a great Tuesday.
Good Morning. Corn and soybean futures were mixed/slightly lower overnight. December corn finished the overnight session off a quarter of a penny, settling at 4.78. November soybeans were off a penny and a half, settling at 12.8125. In the outside markets, as of 7:40am: The US Dollar Index is off 90 points, trading at 106.027. December crude oil is up 30 cents, trading at $82.61 per barrel. Precious metals are mixed. Industrial metals are higher, except zinc. The Electronic Mini-DJIA is up 52 points, trading at 33,069. Corn and soybean futures really didn’t do much of anything overnight. Last night’s session featured thin trading volume and a general lack of new fundamental news regarding grains and oilseeds. Yesterday afternoon’s Crop Progress and Conditions Report showed national corn harvest progress at 71% complete. This figure is a 12-point advancement from last week, is five points above the five-year average, and is three points below one year ago at this time. National soybean harvest progress was pegged at 85% complete. This figure is a nine-point advancement from last week, is seven points ahead of the five-year average, and is two points below one year ago at this time. Today is First Notice Day for November soybean futures as the month of October draws to a close and the November contract comes to delivery. If you have any November soybean HTA’s or basis contracts, they will either need to be priced or rolled before the Chicago Board of Trade closes this afternoon. Yesterday, the funds sold 2000 contracts of corn, sold 5000 contracts of soybeans, and sold 4000 contracts of wheat. They are now estimated to be net short 106,520 contracts of corn, net long 1820 contracts of soybeans, and net short 105,710 contracts of wheat. From a chart perspective, December corn finds initial support at the triple-low from overnight, yesterday, and Thursday, 4.7750, followed closely by last week’s low charted on Wednesday, 4.7675, and then the two-year-plus contract low charted on September 19th, 4.6775. Initial resistance is at 4.80, followed by 4.8425, the double-high charted yesterday and Thursday, and then the psychological 5.00 mark. November soybeans find initial support at the two-week low charted overnight, 12.76, followed by 12.5050, the four-month low charted on October 12th. Initial resistance is at 12.8450, the overnight high, followed by the psychological 13.00 level, and then yesterday’s high, 13.0875. Opening calls are mixed.
Have a great Tuesday.