Morning Comments Nov. 1, 2017
Wednesday, November 1, 2017, 9:11 AM
Submitted by: Landus Cooperative
Corn up 1
Bean up 1
Yesterday, the December corn contract closed 3 cents lower settling at $3.45 ¾, and the July contract was also 3 cents lower closing at $3.76. Wheat fell to a new contract low yesterday and drugged corn down with them. Next week’s WADSE report will likely show another increase in yield, and that continues to weigh heavily on the corn futures. The November bean contract closed 1 cent higher yesterday, settling at $9.73 ¾ and the July contract closed unchanged settling at $10.12 ¼. The consensus is that the USDA will lower bean yields in next week’s report giving support to the bean market. Also, boosting beans is the fear of a La Nina event, hurting South American crops. FC Stone and Informa will be out with their crop estimates today; it will be interesting to see their numbers and how the market reacts.
What???? Washington state beats Iowa???? Graph compliments of Van Trump Report.