Wake Up Call Allendale Advisory Center: Grain markets are mostly higher lead by the soybean complex. The weaker US Dollar is helping support the hopes for better demand. Commodities across the board are suggesting traders are starting the day with a risk-on attitude.
Soy complex lead the rally on Wednesday at CME as chatter of big demand circulated. In the past few days some industry analysts are suggesting the USDA could lower soybean ending stocks to below 200 million bushel from the 255 report last month due to a discrepancy in USDA data. Rich Nelson is working hard to crunch the numbers and find the real facts.
Corn and wheat have been followers of the rally however short covering ahead of next Monday’s USDA September S&D report is most likely the cause. Early corn harvest yield reports are coming in under what producers were expecting although very good yields.