Grains look to start the week mixed
Corn and wheat are seen starting the week off on a higher note, while soybeans look to get off on a bearish note after an overnight trade that saw nearby soybeans trade double-digits lower.
Early calls for Monday's trade are corn 1 to 3 cents higher, wheat at 2 to 4 cents higher, and soybeans 7 to 10 cents lower, according to private sources. As of 7:37 CST Monday morning, December corn is 2 3/4 cents higher at $7.40 1/2 per bushel, and December corn is 4 1/4 higher at $8.68. November soybeans are 14 3/4 lower at $15.49 per bushel.
Weather's the dominating story Monday, with Hurricane Sandy bearing down on the northeastern U.S., which has all but shut down major cities in the region, including New York City, where CME Group's NYMEX trading floor has been closed because of its location in the city's primary evacuation zone. The storm's expected to have major weather implications as far west as Illinois.
Otherwise, next week's election is on the trade's radar, and farmers expect trading volume to likely be fairly light heading into next Tuesday, though that may not be too bad of a thing, says one Agriculture.com Marketing Talk adviser.
"This week...steady at best," says sw363535. "A little more pre-election selling unless we can see some good sales Monday or Tuesday."
Adds Marketing Talk adviser Palouser: "There is no telling what will happen next week, especially on any given day. But the fundamental situation is pretty well set, and bearish it's not. To make a bear case at this point one has to speculate on the outcome of South America or still believe that the macroeconomics determine the course of grains."