Morning Comments October 24, 2017
Tuesday, October 24, 2017, 8:10 AM
Submitted by: Landus Cooperative
Corn 1 to 2 lower
Beans 3 to 4 lower
Seeing a little down turn overnight after the corn mini-rally we saw yesterday, tied to short covering by funds. After the close, USDA released harvest progress estimates, showing the U.S. at 38% done on corn vs. 28% last week. The average at this time of year is 59%, which is the same as this time last year.
Beans were also lower overnight, after slight increases yesterday. Harvest progress shows 70% complete vs. 49% last week, 74% last year, and 73% on average. Would imagine a lot more beans get cut in the next several days, weather permitting.
As always, keep safety in mind as you are in the “busy” part of the crop cycle.