Morning Comments October 30, 2018
Tuesday, October 30, 2018, 1:10 PM
Submitted by: Landus Cooperative
Corn steady to -1
Soybeans +1 to 2
Yesterday afternoon the USDA’s weekly harvest progress report was released:
CORN % Harvested
National: 63% vs. 49% last week, 52% last year and 63% average
Iowa: 49% vs. 29% last week, 41% last year and 57% average
SOYBEANS % Harvested
National: 72% vs. 53% last week, 81% last year and 81% average
Iowa: 71% vs. 37% last week, 80% last year and 86% average
Weather forecast has precipitation on the increase for the Midwest this weekend and first part of next week. U.S. corn exports came in at 25.7 million bushels, which was down from the previous week of 40.3 million bushels. U.S. bean exports came in at 47.9 million bushels which was up from the previous week of 44.5 million bushels. The September dollar index is trading higher this morning and the Dec crude oil is trading lower.
Other headlines are fairly quiet. Bloomberg reported that the Trump Administration is prepared to enact tariffs on the rest of all goods coming in from China if the upcoming meeting between President Trump and President Xi doesn't ease trade tensions. The two leaders are scheduled to have a meeting at the end of November when the Group of 20 nations meets for their annual summit. Until then we wait…
Keep in mind that you can get the latest information on the markets once a week on the Landus Cooperative Experience podcast, featuring the Bull Bear Banter.