FOR WEDNESDAY: (11/9) Funds through a monkey wrench into patterns and fundamentals on Tuesday and that leaves us wondering how to trade on Wednesday, another USDA report day. Will it really mean much? Soybeans had the largest gains of the three crops amid fund buying after recent export business and higher vegetable oil markets. Corn and wheat posted modest gains, with corn finishing at a one-week high. Rain lingers in the eastern Midwest today after which dry conditions should prevail for most of the country through Thursday. The fall harvests are winding down with USDA late on Monday reporting corn harvest at 86% done and soybeans at 93%. Developing dry conditions in the central Plains are gaining attention for wheat. The condition of winter wheat in Colorado, Kansas, and Oklahoma slipped in Monday’s weekly crop progress report. The 6- to 10-day outlook favors warm, dry conditions for those states.
- Posted on
- By admin
- In Ag Markets Update
