Corn and wheat futures are trading near unchanged while soybeans drift lower this morning. November 2014 soybeans is down 6 cents while January 2015 is off 7 cents. First notice day for November soybean futures is Friday, October 31st. If you need help rolling to a more deferred month please contact our office by calling 877-472-4607.
This morning’s export sales report showed disappointing corn sales at 489,800 MT. Traders were looking for at least 700,000 MT of U.S. corn sold in this morning’s report. Soybean sales were reported at 1,326,000 MT for the week, right in line with trade expectations. Once again China made up the lion’s share of sales, buying 1,050,500 MT of soybeans on the week. Wheat sales came in above expectations at 444,900. The largest buyers of U.S. wheat this week were Japan, Mexico, and Brazil.
Northern Brazil is expecting more precipitation today through Sunday in key growing regions. This comes at a crucial time for planting pace as AgRural projects planting is down 30% compared to last year in northern Brazil. The longer term forecast has turned more dry, with rain events unlikely as we enter the November 6th – November 10th time frame. Planting pace in Northern Brazil will be closely watched over the next two weeks.
The dollar index surged higher following yesterday’s Federal Reserve comments that Quantitative Easing is coming to an end. The FED discussed a more bullish outlook on the U.S. economy and that interest may be lifted sooner than previously expected. The U.S. stock market has moved lower following the comments as equity traders are uncertain how stocks will perform without the FED’s massive bond buying program in place.