Soybeans also have a positive tilt this morning. “March soybeans are trading up 4.5 cents higher this morning with a positive tilt over the possibility that U.S. will avoid a government shutdown,” said The Hightower Report.
“However with the old crop news well known, it may not take long for traders to assume that the current acreage expectations are not small enough to offset the record high beginning stocks for both the world and U.S. balance sheets, said the Hightower Report. November soybeans selling resistance is near $9.57 with $9.07 1/2 the low target, they said.
Looking south, AgRural predicts Brazil's output at 112.5 million tonnes this season (116.9 million last month) due to hot and dry conditions in soybean fields, Allendale said. "If the forecast is confirmed, it will be the country's smallest harvest in three crops," CHS Hedging said.