Morning Comments October 17, 2018
Wednesday, October 17, 2018, 8:10 AM
Submitted by: Landus Cooperative
Corn steady to down 1
Beans down 2 to 3
Yesterday, corn closed down 3 cents due to profit taking. The drier weather pattern continues across the Corn Belt, promising better harvest progress. We are looking for weekly EIA numbers on ethanol production and stocks this morning, with production estimated to be in the 305 to 310 million gallon range. Large stocks continue to present a concern. Reports from Brazil put the 1st corn crop planting at 46% complete, slightly ahead of the average pace of 45%.
Soybeans lost 6 to 7 cents on Turnaround Tuesday. Traders are waiting to hear more than anecdotal evidence that the extensive rain has caused field losses and quality issues. Brazil’s planting progress on beans is at 18% complete, well ahead of the average pace of 10%.
Continue communicating with your locations as you are able to get back into the field so that we can ensure we’re available as you are hauling in.