Fccoop

MARKET COMMENTARY

Morning Comments November 10, 2017

Friday, November 10, 2017, 8:11 AM
Submitted by: Landus Cooperative


Opening calls:

Corn unchanged to down 1 cent

Soybeans up 2 cents

 

Good morning!

 

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. 

 

 

 

« Back

© 2018 Landus Cooperative, All rights reserved.
Landus Cooperative
2321 North Loop Dr., STE 220
Ames, IA 50010
515-817-2100
Departments
Find Landus Cooperative on
facebook icon twitter icon youtube icon blog icon