Wednesday October 28,2020

  • Profit taking day on the markets 
  • November futures month is expiring so we are seeing funds selling out of their position as we approach the end of the month
    • There is no carry in the futures market so speculators who came in over the last two months are looking at their options of either rolling and losing money or selling and taking their gains 
  • Rising concern over Coronavirus also pressuring the markets as lock downs increase in Europe and fears that may soon be happening in North America  
  • Additionally the uncertainty of the looming election is pressuring the overall marketplace 
  • Global weather for the winter wheat crop is looking less concerning as moisture comes into the U.S. and the Black Sea region 
  • Rains also expected to pick up in South America in the next 5 days 
  • U.S. exports remain strong – sales now reported going to Brazil