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Mid day market report - October 15

Agriculture.com Staff 10/15/2007 @ 11:15am

Follow through buying from the friendly report on Friday was seen last night, and then the weather is viewed as friendly to price as it was a wet weekend in the Midwest. This will keep combines out of the fields most of this week in IA, MN, NE, and SD, according to Jason Ward, Market Analyst, Northstar Commodity Investment Co.

As far as crop progress goes, we are expected to be 50-55% harvested in this afternoon's report, which leaves roughly half the corn in the fields yet.

This week's weather looks wet as well so harvest is going to be spotty. Corn was very close to closing above all its key levels of resistance on Friday, and it should be able to close above those levels today.

Those levels again are $3.51 on Dec 07, $3.87 on July 08 and $4.01 on Dec 08.

Also this morning there was 9.4 million bushels of corn sold to Korea.

Over to soybeans, some needed rain fell in Brazil over the weekend so that situation is improving down there for planting to start to pick up.

There are still a fair amount of soybeans in the fields right now and that has the market concerned about field loss on soybeans. A test of $10.00 on Nov 07 is still likely.

NOPA crush was released this morning for soybeans and the number of soybeans crushed in the month of September was 139.8 million bushels. This was 3 million bushels over the trade estimate and 2 million bushels over last month and 2.5 million bushels over last year, so good usage still around on the soybeans from the FEED SIDE!

Over to wheat, good moisture was received in the Hard Red Winter wheat country and that will stabilize a situation that was building concern from dryness. This market will lead any breaks lower if there is a setback as it looks the most vulnerable.

Follow through buying from the friendly report on Friday was seen last night, and then the weather is viewed as friendly to price as it was a wet weekend in the Midwest. This will keep combines out of the fields most of this week in IA, MN, NE, and SD, according to Jason Ward, Market Analyst, Northstar Commodity Investment Co.

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