AM Comments 11/18/2014
Tuesday, November 18, 2014, 8:11 AM
Submitted by: Joel Pudenz
Weaker grains and lower prices in soybeans at the open sum up what was a relatively quiet overnight trading session. Crop progress numbers came in about where they should be vs. average. Corn is 89% complete nationally vs. 88% on average (92% in Iowa). Soybeans are 94% complete nationally vs. 96% on average (98% in Iowa). The soybean complex had plenty to write home about yesterday, again posting record weekly export numbers (114 million bu., 89 million of that to China) which puts us well on pace to easily surpass USDA export estimates. Crush numbers were also strong yesterday as crush margins and feeding margins remain firm (the strong October crush was also function of shortened September crush and logistical hang ups). Corn and wheat demand remains mediocre with the current price structure, failing to stir up any fresh support. At 5 minutes after the open, corn is trading 2 to 3 cents lower and soybeans are 6 cents lower.
Have a good day!