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Tuesday Afternoon Comments (10/21) Today proved to be another example of why many in this industry enjoy what they do. It is something new every day. An open week of harvest weather was expected to weigh on corn futures this week but December corn has closed higher in both sessions this week. The Dec. corn was able to bounce off the 40-day moving average ($3.42) yesterday and was able to hold the 50-day moving average ($3.48) today. The USDA provided a little support with corn harvest progress at just 31% done, compared to the average of 53%. Illinois is 43% done (63% avg.) and Iowa is 19% complete (53% avg.). Expectations were for harvest progress to be close to 35% done. While this was supportive to the trade early this week, it also needs to serve as a reminder that there is a lot of harvest yet to go. Yields continue to be good and the overall balance sheet still shows plenty of corn both here and worldwide. Some of the focus for corn has also already turned to next year when corn acres are expected to be lower once again. Commodities in general were higher as metals, energies, and equities all were positive today. Ethanol numbers will be released tomorrow.
Soybean futures closed firm today as harvest delays and neighboring soybean meal offered support. December meal closed to the highest level since early September as meal demand remains strong. A strong meal export program is supporting good crush margins and the lack of consistent harvest progress is encouraging futures to rally to entice producer movement. The USDA estimated that 53% of the soybean crop has been harvested. The 5-year average is 66%. Illinois is 37% harvested (66% avg.) and Iowa is 61% harvested (77% avg.). The weather does look more conducive to bean harvest over the next few days. There is a small chance of rain on Thursday, but then the weekend looks clear with warm and sunny weather. A good chunk of beans are expected to be harvested a week from now. November soybeans did close right at the 40-day moving average today which is something the trade will keep an eye on tomorrow. Comments from Mid-Co Commodities Have a good & safe night.
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