Market Update for Oct. 23, 2017

Bryce Knorr discusses the impact of rain in eastern Midwest on the market. (audio)

Rain fell in the eastern Midwest over the weekend and it's raining in Chicago this morning. Iowa got rain over the weekend. The far western Corn Belt is dry and will be dry for the next two weeks, allowing harvest progress to near completion. Hedge pressure showed up last week.

Other bearish market news is rain in the center west of Brazil, where planting will start after storms move through.

There's a strong dollar, fueled by prospects for a tax cut and the anticipated appointment of a new Federal Reserve chairman. Investors are moving out of safe havens, including gold.

It's a normal week at USDA this week, but on Friday the November soybean options expire and prices could gravitate toward a major strike price.

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