Markets will likely start to focus on weather delays since last week’s October USDA report is behind us.
There are plenty of soybeans still out in the field waiting to be harvested and snow fell on soybeans in the Dakotas.
“That should start becoming more of an issue now,” said Merrill Crowley with Midwest Market Solutions in Watseka.
The October USDA report surprised traders by decreasing corn yields as traders were looking for an increase. USDA also surprised traders with a decrease in soybean harvested acres, although the yield was increased.
“This last week, we saw selling going on and I kept trying to comment to my people that you never know what USDA is going to throw out there,” Crowley added.
Crowley will be a part of the upcoming Nov. 7 fall market outlook meeting sponsored by Bank of Pontiac in Coal City. Other presenters include Aaron Curtis of MIDCO and Roy Plote of L&M Commodities. Reserve your spot for the free dinner and meeting by contacting a Bank of Pontiac location.