Sunday Night Grain Outlook, 10-18-09

Sunday Night Grain Outlook
By Duane Lowry
Sunday, October 18, 2009

OPENING CALL:
Corn= 2-3 lower,     Wheat= steady-easier,     Soybeans= 4-6 lower.

Weather provided good harvest opportunities in virtually all areas during the weekend. This will continue into Tuesday in the west and into Thursday/Friday in the east. The Delta will not see moisture until Thurs-Fri. The moisture system will last two days and then another several day period of mostly dry weather will evolve. Overall, harvest will advance and weather should not be seen as bullish.     

News>.         

Wheat will lean lower on expected row-crop weakness associated with advancing harvest. I see little for market-moving news. Technical conditions appear vulnerable to selling activity.                     

Corn will start lower on weakening technical conditions and advancing harvest activity. Producer selling interest can be found, but the majority seem to be committed to storage.

Soybeans will start lower on advancing harvest expectations and improved producer sales. Technical conditions are vulnerable to spurring long liquidation activity. Outside market conditions seem conducive to corrective/liquidation selling of "bullish commodity" mentality.                                 

In summary, while some may point to two days of moisture moving through the Midwest/Delta beginning Tuesday in the west, good harvest before and several days of dryness following should be the main focus. Technical conditions are vulnerable to selling activities in the grain/soy complex, with trend-changing conditions existing in the outside markets.                    

This newsletter is prepared from information believed to be reliable. Early Market News, Inc. does not guarantee that such information is accurate or complete and it should not be relied upon as such. Opinions expressed are subject to change without notice.