Morning Comments September 25, 2018
Tuesday, September 25, 2018, 8:09 AM
Submitted by: Landus Cooperative
Corn 1 to 2 lower
Beans 2 to 4 higher
Yesterday, December corn futures ended the day 3 1/4 higher at $3.60 1/2. This is about 19 cents higher than the mid-September lows. U.S. corn exports are strong, and are expected to stay strong for the next few months. The crop progress report showed corn 16% harvested vs. 9% last week and 11% on average. For Iowa, those numbers are estimated at 5% vs. 3% on average. Crop conditions showed a slight uptick with Good to Excellent now at 69% vs. 68% last week and 61% last year at this time. Iowa is 73% in the Good to Excellent category, same as last week.
November beans were 6 1/4 lower yesterday at $8.4, mostly on news that the Chinese backed out of negotiations for the time being. The current thinking is that nothing will be resolved with China prior to the U.S. elections in November, if then. Soybean harvest progress is estimated at 14% for the U.S. vs. 6% last week and 8% on average. Iowa is said to be 8% harvested vs. 2% last week and 3% on average. Crop conditions did improve 1% from 67% to 68% in the Good to Excellent category. Iowa is unchanged at 72%.
In outside markets, crude oil closed higher yesterday, at 2 1/2 month highs. The dollar was a little weaker yesterday.