Morning Comments November 10, 2017
Friday, November 10, 2017, 8:11 AM
Submitted by: Landus Cooperative
Corn unchanged to down 1 cent
Soybeans up 2 cents
The USDA surprised us once again – can it really even be called a “surprise” anymore? They raised ‘17/’18 US corn yields by 3.6 bushels/acre, well above the upper end of estimates to a record 175.4. Corn futures closed 7 cents lower yesterday, breaking through key support levels. On the positive side, USDA increased both estimates of corn for feed use and exports by 75 million bushels each.
Just before the report was released, soybean futures were up 9 cents but quickly lost that ground when USDA left yield projections unchanged at 49.5 bushels/acre. While this number was within the range of estimates, it didn’t stop trade from reacting and soybean futures were down 13 cents by the close.
Trade stayed fairly neutral in the overnight trade, most likely still digesting the report numbers. We are looking to see what they will do with the information going in to the weekend.
As always, keep safety in mind during this busy time of the year.