October 20, 2017
Grain Marketing Specialist
Re-issuing the comments as I incorrectly wrote corn is trading either side of $3.50 cash, when in fact it is tradeing close to $3.50 December futures.
This week’s corn trade has been about as exciting as watching paint dry. Corn is still close to $3.50 futures, and trend remains sideways. Exports are behind, but cattle and hog numbers are up. A large carryout is still predicted. US weather forecasts are seen as favorable for harvest. Argentina corn is estimated to be 28% planted vs 35% this time last year. Brazil is estimated to be at 60% planted vs 65% this time last year.
Soybeans: 3 higher
Soybeans finding some gains, yesterday, on Brazil’s dry weather pattern. US harvest progression kept SB’s from heading back to the $9.99 futures we seen a week ago. The 6-10 day US weather pattern is favorable for harvest, but there may be some hiccups this weekend as rain is predicted. It was reported, yesterday, that China bought 14.1 million bushels of soybeans for the 2017/18 marketing year.
Wheat: MPLS: 1 higher KC: 3 higher
Wheat trading a little higher this morning. MPLS wheat continuing its sideways trend between $6.07 and $6.25 Dec futures. KC wheat is also trading sideways between $4.25 and $4.40 futures. Winter Wheat growing conditions are favorable.