AM Comments 11/01/16
Tuesday, November 1, 2016, 1:11 PM
Submitted by: Dustin Weiner
The first night session of the new month was a sluggish and choppy one with corn never trading above unchanged and soybeans failing to hold onto a small rally attempt. The crop progress report yesterday was somewhat uneventful and showed farmers getting caught up to the recent average on harvest progress. Soybean harvest came in at 87% complete which was right in line with guesses and corn harvest came in at 75% which was pretty close to the trade estimates as well. Not a lot to see there.
Now that we are in November, it seems that the market chatter is already beginning to focus on the next round of crop estimates from the USDA (due out Wednesday of next week). You will start to see private companies release their production estimates as soon as this afternoon as the market tries to get a better feel for what is out there – no surprises are expected. Other than idle discussion about the report on Nov 9th, everything feels very quiet as the last days of harvest are upon us.
Corn steady to 2 cents lower
Have a great day!
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