Afternoon comments 10.16.19
Dec corn down 1 1/2 @ 391 3/4 | Nov beans down 6- @ 928
It appears as though both corn and beans are in an overbought situation and are seeing resistance come from added harvest pressure as well as outside factors, such as a lack of a China/US deal. Corn demand is down 64% thus far from last year with the USDA suggesting only an 8 percent decrease. On the bean side of the market, more favorable S. American weather is adding downward pressure, while the USDA's decrease in our crop is lending some support.