Soybeans are trading higher this morning and near the the 200 day moving average of $12.24. Soybean meal is lower while soybean oil is slightly higher. Corn is down 1 cent. Wheat is trading down 7-8 cents. Energy markets are lower despite Israel expanding ground operations in Gaza. The Dollar Index is little changed.
Today’s Reports: Export Inspections; Crop Progress
- SF currently trading at/near 200 day moving average of $13.24. Next resistance level would be 100 day moving average of $13.38.
- Rumors continue to circulate China has or will cancel Brazilian soybean purchases and replace those canceled purchases with U.S. beans.
- Unifor announced Sunday evening it has reached a deal with the St Lawrence Seaway authority. The Seaway Management Corp. says it will begin to implement its recovery program immediately and will start “passing ships progressively” as of Monday.
- Two day FOMC meeting will begin tomorrow Tuesday October 31st. The consensus is the FOMC will not increase interest rates and many feel the Fed is done raising rates.
- Recent rains has helped stabilize the US river.
- The weather will be cool and dry this week aiding those still in the field. By the end of the week there will be very few corn/soybeans left to combine.
- Ukraine will impose tighter control over grain exports in order to boost tax revenue to fund the war. Exporters will be required to obtain export licenses and prior tax records that go back before the war. The new requirements will likely slow Ukraine exports.
- Weather forecast showing improved rain chances for northern Brazil after November 5th, however rain totals are still likely below normal. Soaking rains will continue across southern Brazil.
First Notice Day for November futures is tomorrow Tuesday