October 19th, 2015
Grain Marketing Specialist
Harvest pressure, wet weather forecasts, reports of slow Chinese economic growth, and ample crude supplies set bearish tones for commodities this morning.
Corn: 2 lower
Expectations for today’s crop progress report suggest that harvest is 60% done versus 42% last week and 54% last year. Weather forecast may slow harvest some this week. Export inspections will be out later this morning.
Soybeans: 1 lower
Soybeans harvest progress is estimated to be about 74% done versus 66% this time last year. Wet weather forecast may slow harvest up for this week in the US. Export inspections will be out later this morning, will China continue to dominate? South American weather forecasts suggest good chances of precipitation for Brazil and Argentina. Rallies, in the soybean market, will continue to depend on Chinese demand and weather in South America.
Wheat: 1 – 4 lower
Weather forecasts are putting pressure on wheat this morning. There are good chances of rain this week for the central and southern US plains. Abundant world supplies and expensive US wheat will also continue to keep rallies limited.