Morning Comments October 16, 2018
Tuesday, October 16, 2018, 8:10 AM
Submitted by: Landus Cooperative
Corn down 2
Beans down 8
Both the corn and bean markets enjoyed a rally day yesterday, with corn closing up 4 1/2 and soybeans closing up 24. The weekend weather was a strong contributor, as much of the corn belt had snow accumulation with crops still in the field. Other news that provided a boost to the markets was a large NOPA crush report for September, with 160.779 million bu. of beans crushed, making it a record September. This was above the range of estimates and 17.86% larger than last year. We also saw some improvement in soybean exports, with reports of 134,729 MT of beans heading to China. This seems odd, but it is being attributed to Old Crop sales that were too expensive to cancel. The export inspections for the week ending on 10/11 were more than double the previous week but still down 35.18% from the same time last year.
Monday afternoon’s crop progress report showed corn harvested is 39%, and it continues to maintain a lead over the normal pace of 35%. Soybeans harvested continue to lag the average of 53%, with 38% complete as of Sunday.
For Iowa, corn harvest is pegged at 17%, vs. 12% last year, and 24% on average. On beans, Iowa is estimated at 19% vs. 31% last year and 51% on average. Weather outlook for the next 10 days looks promising, and we expect to see some serious catch-up as fields dry out and producers have the opportunity to get back in the field. We all know it’s later than we’d like, especially for beans, but please don’t compromise safety for speed.