Weekly Market Summary October 26, 2018
Friday, October 26, 2018, 9:10 PM
Submitted by: Landus Cooperative
On Friday, December corn futures put in a strong finish for the week and were 6 3/4 higher. However, for the week, they are only up 3/4 of a cent.
Today’s uptick is being attributed to the wheat market, finishing up 18 in Chicago today. We’re hearing that a sale was made into Egypt overnight, and the buyer is now needing to buy some cash wheat.
Relatively good harvest progress continues to weigh on the corn futures market, though. U.S. Corn Harvest progress was estimate at 49% earlier in the week, and should spike in Monday’s report.
November soybean futures were 3 1/4 higher for the day, but down 11 3/4 for the week. Continued concern about soybean exports is the major focus. South American weather has been generally conducive or planting progress there. Earlier in the week, harvest progress was 53% across the U.S. Our estimate puts much of Iowa well above 75% on soybean harvest.
Outside markets were also a fairly big feature this week with the stock market off sharply throughout the week. The Dollar was weaker today, and crude oil and gold were higher.
Keep in mind that you can get the latest information about the markets once a week on the Landus Cooperative Experience podcast, featuring the Bull Bear Banter.