Morning Comments November 6, 2017
Monday, November 6, 2017, 8:11 AM
Submitted by: Landus Cooperative
Corn up 1 to 2 cents
Soybeans up 1 to 2 cents
Friday, December corn futures closed down 2 ¼ cents at $3.48 ¼. The Commitment of Traders report showed funds have increased their net short position 28,369 contracts. It seems like it’s been ages since we’ve had any real news to influence the corn market. Argentina’s corn crop is estimated to be 33.9% planted, while Brazil’s progress is estimated around 49%.
January soybean futures lost 12 ½ cents on Friday, closing at $9.86 ¾. CFTC report shows funds decreased their net long position by 8,634 contracts. Argentina’s planting progress for soybeans is estimated to be 7.2% complete, and Brazil is estimated at 43% planted.
USDA’s November WASDE report will be out at 11 a.m. on Thursday, November 9th. Last month’s report jumped corn prices up 6-8 cents and soybeans up 25-28 cents. A great time to call your Grain Marketing Advisor and put offers in for both 2017 and 2018 crops.
Have a safe week!