Morning Comments October 19, 2018
Friday, October 19, 2018, 3:10 PM
Submitted by: Landus Cooperative
Corn steady to down 1
Beans steady to up 1
Nearby corn contracts closed 3 ½ cents lower yesterday at $3.70 ¾. The biggest contributor was the weekly export sales report of 382,500 MT when trade expected sales to be between 800,000 MT and 1.3 MMT. While this is down 25 mbu from the previous week, it is still 40% above this time last year. With weather here in the Corn Belt looking positive for continued harvest progress, trade is keeping an eye on weather in the Southern Hemisphere and the potential for an El Nino event. During El Nino years, Argentina and Brazil have a tendency to show above average corn yields.
Beans had a rough trade day on Thursday, with November beans closing down 22 ¼ cents at $8.63 ½. Export sales for beans were similar to the story for corn, coming in at 293,600 MT when the range of estimates was 600,000 MT to 1.0 MMT. Total export commitments are now at 20.8 MMT, the lowest we’ve seen in 7 years. Even with the light showers many areas saw overnight, it shouldn’t be enough to slow fieldwork too much today.
Enjoy your Friday and continue to be safe as you head out to the fields!