Morning Comments October 31, 2017

Tuesday, October 31, 2017, 8:10 AM
Submitted by: Landus Cooperative

Opening Calls:

Corn unchanged

Beans up 2


December corn futures finished Monday unchanged, at $3.48 3/4, and March 2018 futures gained 1/4 cent to close at $3.62 3/4. The November bean futures finished 2 1/2 cents lower on the session, down to $9.72 3/4, and January futures dropped 2 cents to close at $9.84 1/2. 2017 corn harvest is at 54%, behind the five-year average of 72%, and beans are now only 1% behind the five-year average. Sluggish export inspections on corn and beans are bearish this week for futures. Corn inspections came in at 20.4 million bushels yesterday, well behind trade estimates of 73-91 million bushels; year to date corn inspections are at 199 million bushels compared to last year of 346 million bushels. Year to date on beans continued to slip further behind with only 454 million bushels vs. 501 million bushels a year ago. 


With the lack of fresh news, it is tough to be a bull.


See the chart below compliments of Advance Trading.


Conditions (Good + Excellent)

Corn Conditions

G/E: 66% TW vs. 66% LW, 74% LY

Winter Wheat Conditions

G/E: 52% TW vs. NA LW, 58% LY

Crop Progress Summary

Corn Harvested

54% TW vs. 38% LW, 73% LY, 72% AVG

Soybean Harvested

83% TW vs. 70% LW, 85% LY, 84% AVG



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Ames, IA 50010
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