AM Comments 10/25/16
Tuesday, October 25, 2016, 1:10 PM
Submitted by: Dustin Weiner
The harvest progress report yesterday afternoon was right at expectations and right at the average pace. The report showed US corn at 61% complete and US beans at 76% complete – no major shockers there.
It was a quiet overnight session for our grains last night, one little nugget of news we are reading this morning is that it looks like China was in buying US beans overnight (and there were also some export sales reported at 8am this morning). While normally that is friendly – and it still could be – the rumor is that they were also buying South American beans for Nov/Dec. If true, that end up bearish because if prices are high enough in the US where old crop South American beans are competitive in the world market… we could eventually struggle to hit the forecasted export demand numbers for the rest of the crop year. There’s a lot of time left before panicking about that. Staying on the topic of South America… while there is a weather system that just brought some precipitation and slowed the planters – the forecast for the near term looks drier and favorable for planting.
Have a great day!
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