Markets are trading with small gains this morning in a very quiet trade with corn, beans, and wheat within their recent trading ranges ahead of the election.

Managed funds to start the week were estimated as net buyers of 4k corn with the net short estimated at 14k, net buyers of 2k beans with the net short estimated 59k, and even in the wheat with the net short estimated at 31k.

Crop progress showed corn harvest at 91% (90% expected), bean harvest at 94% (95% expected), wheat planted at 87% (86% expected), and wheat rated at 41% g/e (41% expected).

ADM’s stock price was under pressure in early trade after they said they would amend previous financial statements after finding accounting irregularities.

Ukraine said October grain and oilseed exports by sea and river totaled 5.28 mmt, which was up from 3.13 mmt a year ago.

USDA will be out with their November supply and demand estimates on Friday at 11. National corn yield is estimated at 183.7 bpa and national bean yield 52.8 bpa.

Corn posted a higher high, higher low, and higher close to start the week with the market finishing near the middle of its recent range. Directional indicators are neutral with the market trending sideways. Support is near 4.10 and resistance 4.24.

Beans traded an inside day to start the week with prices finishing with small gains. The market is near the middle of the range that we’ve seen for the last month with the market lacking a trend. Support is 9.80 and resistance 10.20-10.30.

OUTLOOK

Corn continues to see a sideways, directionless trade as the market is lacking a catalyst to spark aggressive buying or selling. Supplies are small enough where the market will be sensitive to weather scares, but it’s too early to trade South American corn weather. On the flip side, a lack of farmer selling interest at current prices and the potential for supplies to get tight mean the downside risk is not large with buyers expected to emerge on pull-backs. Look for the range-bound trade to continue.

Beans attempted to rally yesterday but pulled back to finish near the bottom of the day’s range and back below the psychological $10 level. Beans have the most bearish fundamental outlook with corn needing to lead a move to the upside.

Corn up 1-2

Beans up 3-5

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