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Ag Market View for Oct 30


January soybeans closed moderately higher with an outside trading day up. The early rally was not enough to attract increase buying support, and the good weather seen in South America may have helped spark some selling pressures. Given the large net long position from fund traders, and the weaker technical action recently, a long liquidation threat is still a possibility. Exporters reported the sale of 121,500 tonnes of US soybeans for unknown destination. For the monthly soybean crush report, traders see September crush near 5.14 million tonnes, or 171.3 million bushels. US soybean oil stocks at the end the September were seen near 1.826 billion pounds as compared with 1.775 billion at the end of September last year. 


December corn experienced a quiet inside trading day. Export news remains very strong but the surge up in the US dollar over the past few days is seen as a negative force. The market also sees good weather in Brazil as a negative factor. South Korea bought near 131,000 tonnes of corn from the US in a private deal. More talk that US corn is the cheapest in the world has help provide underlying support. 


December wheat closed moderately lower on the session and the selling pushed the market down to the lowest level since October 14th. Drier and warmer weather moving into the Plains is seen as a factor which might help improve crop conditions ahead of dormancy. The rally in the US dollar is also seen as a negative force.

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Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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