Afternoon comments 10.08.19
Dec corn 395 3/4, up 8 3/4 | Nov beans 920 1/2 up 5 1/4
Corn experienced another day of short covering which brought the CZ within 3/4 of a cent of the lower end of resistance which sits at 397 1/4. Weather concerns seemed to be the major player with extensive snow and potential blizzard conditions to the northern Midwest. The cold temperatures could extend as far south as north Texas, which will end the growing season in much of the western corn belt. Yield losses are difficult to quantify at this time, and there will certainly be additional harvest delays and quality concerns.
Soybeans were largely a follower of corn with much of the same weather concerns. Additionally, the soybean market may be experiencing some negative inputs from the US/China negotiations, as the continuous seesaw appears to be ongoing. The chinese have taken some of the principle US demands off the table, and the US has threated more restrictions on US investment in China. Reminder, USDA report Thursday at 11a.