Morning Comments October 9, 2018
Tuesday, October 9, 2018, 8:10 AM
Submitted by: Landus Cooperative
Beans down 4
Yesterday, the December corn contract closed 1 ¾ cent lower settling at $3.66 ½, and the July contract was 1 ½ cent lower closing at $3.90 ¾. The November bean contract closed ¾ cent higher yesterday settling at $8.69 ¾, and the July contract was ¼ cent lower settling at $9.18 ¾. Planting progress report is out this afternoon and trade is expecting to see corn harvest at 32-35% complete vs. 26% LW, and beans are trending at 33-38% complete vs. 23% LW. Ag-Rural is estimating that Brazil is rapidly planting beans and are 10% complete vs. 5% LY, not favorable to bean prices. Thursday’s WADSE report is not expecting to bring the bulls to the table, as trade believes that there will be an increase in both corn and bean yields, the question is how much? Historically if there has been an increase from August to September, there will be one in October. On the positive side, President Trump is expected to announce a lift on summer sales of higher blend ethanols, favorable to ethanol at the pump.
Don’t forget to talk to your Grain Marketing Advisor about our Bonus Premium Contracts, ask how you can gain up to 15 cents on corn and 30 cents on beans.