Morning Comments October 22, 2018
Monday, October 22, 2018, 1:10 PM
Submitted by: Landus Cooperative
Corn steady to 2c higher
Beans steady to 4c higher
Weather outlook for Midwest looks like smooth sailing thru Wednesday. Thursday through Saturday there is a chance of precipitation each day. All areas of the Midwest have harvest in full swing. It is estimated that the total U.S. is over 50% harvested on corn and beans. Stories of damage corn and beans in the field because of moisture seem to be less than originally thought compared to last week.
Brazilian soybeans are 14% more planted compared to a year ago. Mato Grosso is over 60% completed compared to a 5 year average of 26%. Last week there were 2 previous soybean sales to China were cancelled, which caused soybeans to head lower. Currently U.S. soybean exports are 20% behind last year. Shipments to China are down almost 80%, but others are up more than 40%.
Have a safe harvest!