Morning Comments October 30, 2017
Monday, October 30, 2017, 8:10 AM
Submitted by: Landus Cooperative
Beans +4 to +5
Friday, the December corn contract closed 1 3/4 lower settling at $3.48 3/4, and the July contract was 1 3/4 lower at $3.78 3/4. For the week, the December corn contract closed 4 1/4 higher. The November bean contract closed 4 cents higher Friday, settling at $9.75 1/4 and the July contract closed 3 1/2 higher, settling at $10.13 1/2. For the week, November beans closed 3 1/2 lower.
Funds are short 174,000 corn contracts and the talk of La Nina developing and causing drought conditions in South America lent support to grains. Beans found some additional support on the overnight from the stronger real, improving export demand, a weaker dollar, and higher crude.
End of next week will bring the latest WASDE report. There is already some talk about the USDA using this opportunity to tweak yields a little higher, which will, in turn, increase the carry out figures for next year. Just something to keep in mind as you make marketing decisions over the next couple of weeks. The report will be issued on Thursday, November 9. November starts in a couple of days, can you believe it?
Happy Monday and please continue to be safe during the rest of harvest!