Morning Comments October 11, 2018
Thursday, October 11, 2018, 8:10 AM
Submitted by: Landus Cooperative
Corn down 2
Beans down 4
Yesterday, the December corn contract closed 1 ¾ cent lower settling at $3.62 ¾, and the July contract was 1 ¼ cent lower closing at $3.87 ¾. The November bean contract closed 10 ¾ cents lower yesterday settling at $8.52 ¼, and the July contract was 10 ½ cents lower settling at $9.03 ½. Grain markets are trading lower today due to sharp losses in equities yesterday and because trade is anticipating bigger yields in today’s report out at 11 am. When the yields in the September report increased the October has historically increased too, and trade is anticipating big crops are getting bigger. The average trade estimates for today have corn at 181.8 and beans at 53.3 BPA. This is putting production for corn at 14.872 billion bushels and beans at 4.733 billion, both up. The average trade estimates have corn ending stocks at 1.919 billion bushels up from 1.774 last mth. Trade is guessing bean ending stocks to be in the range of 898 million bushels, up from 845 million bushels in September, and up 458 million from last year. South American weather remains favorable for planting as they surge ahead of normal pace.
The USDA report will be released at 11 am this morning, might be a good time to get some offers working.