Nov 1st 2012
Grain Marketing Specialist
USDA s/d and WASDE Friday Nov 9th
Informa releasing estimates Friday Nov 2nd
Corn: As of 7:30- 5 higher
Yesterday the corn market rallied on spillover strength from the soybean market and the resume of trading on Wall Street. Crop progress reports have been delayed due to Hurricane Sandy and finally released yesterday- 91% harvested vs average of 60%. Corn still well within the range we have been in for over a month. Weekly ethanol production numbers delayed until tomorrow.
Soybeans: As of 7:30- 19 higher
Soybean rallied yesterday on continued concerns over South American plantings and strong global demand. Crop progress has us 87% harvested vs an average of 78%. Many of these unharvested acres look to be in areas affected by Sandy putting as much as 100mbu at risk. Keep in mind that in the Oct s/d report USDA estimated 12/13 ending stocks at 130 so this is worth monitoring.
Wheat: As of 7:30- Winter-5 higher, Spring -5 higher
US missed on an Egyptian tender but closed higher anyways on spillover strength. Winter wheat planting progress at 88% vs an average of 85%, emergence at 63% vs an average of 67%. Wheat ratings at 40 g/e vs an average of 46 last year.