09/20/24 Afternoon CommStock Report – Seasonal Outlook Points Bullish for Grains in October

Grain futures had a quiet, lightly traded week that saw everyone settle in for harvest while traders were also waiting for direction after the Federal Reserve rate cut decision late Wednesday. Corn and wheat futures broke their three-week streaks of price gains, but soybeans finished higher for a fifth straight week. Now 10 days out from the start of October, corn and soybeans are entering seasonal windows that have been historically bullish for futures prices, even when harvest has been in full swing.   Two of the seasonal trades tracked by Moore Research include being long March corn from September 30 – October 23 and long November soybeans from October 3 – 27. The track record is winning for 13 out of 15 years for corn and 14 of 15 for soybeans.   Corn futures bounced briefly in early October last year, but then turned back down toward a low that would not be established until February of this year. Soybean strength was held longer into last November before prices would also drop throughout most of the winter. The 2022 season was split between soybean futures making a clear low in October while it was December before corn carved out…