Morning Comments November 17, 2017
Friday, November 17, 2017, 8:11 AM
Submitted by: Landus Cooperative
Corn +3 to 4
Beans +4 to 5
Higher grain markets as we are approaching the final days of harvest. Argentine corn planting progress reached 35.4% this week (vs 40% a year ago), with their dry conditions starting to gain more attention. If they continue to stay dry, it will continue to support the grain market. The corn market is now oversold, and it is not uncommon for the funds to cover some shorts on a Friday ahead of a holiday shortened week.
The Buenos Aires Grain Exchange estimated that 24% of the Argentine bean crop has been planted, and held their planted acres steady at 18.1 million hectares, down 1.1 million from last year. The overnight models show no changes to the South American weather outlook, and the 6-10 day outlook continues to show limited rainfall for Argentina.
Have a great day!