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Monday Morning Comments (10/12/18) Good Morning. Grain prices are mixed with corn and beans slightly lower. The overnight session has been a dull affair so far as the trade awaits new news. There was little to no follow through early last night to the positive finish to last week. The funds were buyers of all three commodities late last week, with the corn funds now near net even. Harvest got moving again over the weekend in some spots, but there was a little rain moved through again last night. The extended forecast still looks dry but cool. This should allow beans to go again by the end of the week and to allow corn to keep on moving, especially to the west. Corn and bean harvest progress, in this afternoon’s report, should show between 37 and 40% complete. That will likely be behind average, but it may not stay that way for long if the dry weather holds. The far west did get some snow with Boulder, Colorado reporting a foot. Export inspections will be out this morning. NOPA crush is also out later this morning. Crush for Sept. is expected to be near 157.4 Mln. bu., which would be a record by far. The old record was from 2007 at 140 Mln. bu. Crush margins for beans continue to be very good. Do you remember Brexit? Well, it’s still going on. The vote in June of 2016 by Britain to leave the European Union is still going through the talking phase of how to gracefully exit. Britain is set to leave the EU in March of 2019. There were talks over the weekend that did not make any new progress. Expect to hear more about this over the next 6 months. A more active harvest weekend likely keeps a lid on prices for now, with “less” than expected ending stocks from last week continuing to offer support. Have a great day.
Oct 11th USDA Production & Stocks Report
USDA – Oct.
USDA – Sept.
Corn Ending Stocks
Bean Ending Stocks
Wheat Ending Stocks
Comments from Mid-Co Commodities
Average Price Program Results: Fall Corn=$3.71 Fall Beans=$9.85
7-day precip forecast (Oct 15-22) Have a good & safe day!
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