There was a lot of supportive news in the October supply/demand report, according to Naomi Blohm, senior market advisor, Total Farm Marketing. “I think the market had been pricing in so much negativity, we were oversold on charts and the news was viewed as a reason to exit short positions for some funds traders.” Production was lowered for corn and soybeans. Ending stocks were also down from a month ago. “It was a supportive report all the way around.” Listen to the full interview with Blohm here.
