Morning Comments November 3, 2017
Friday, November 3, 2017, 8:11 AM
Submitted by: Landus Cooperative
Corn down 1
Beans down 3
Yesterday, the December corn contract closed 2 1/4 higher settling at $3.50 1/2, and the July contract was 2 cents higher closing at $3.79 3/4. November beans closed 8 cents higher yesterday, settling at $9.89 and July closed 8 1/4 higher settling at $10.26 1/4. The short covering rally in corn continued yesterday fueled by funds, but corn got additional steam from beans, following them higher. Corn also got support from the announcement of 1.356 MMT export sale to Mexico; this is in the top ten of largest sales made in a single day. Informa came out with their yield estimates on corn and raised their estimates to 173.4 bu/acres, up 3 bu/acre from September. Beans continued their rally yesterday with higher than expected export sales and positive technical signs. Informa pegged the soybeans estimate at 49.7 bu/acre, down from 50 bu/acre. This decrease could trim about 25 million bushels off total production. The belief that next week’s WASDE report will lower soybean yields is attracting buyers to the market.
As harvest starts to wind down in a few areas, and field work continues, please keep safety in mind at all times.