Morning Comments Nov. 14, 2018
Wednesday, November 14, 2018, 3:11 PM
Submitted by: Landus Cooperative
Beans +5 to 6
Soybean exports exceeded expectations yesterday by a long shot, while corn exports were very disappointing, falling well below expectations.
The crop progress report came in right around trade expectations. For the U.S., Corn is estimated at 84% harvested vs 81% last year and soybeans are 88% harvested vs 94% last year.
Crude oil is a major factor pressuring markets. It’s continued weakness is from a glut in the market supply right now. We haven’t heard any talk from OPEC about production cuts and the U.S. sanctions on Iran also continue to cause a problem for the price of energy.
U.S. and world weather is creating issues for some wheat areas. Argentina is seeing quality issues beginning to develop, the Black Sea area is seeing record low temperatures without any snow cover, and the U.S. Plains saw some freeze damage over the weekend.
Yesterday, the harvest weight exemption was extended through Nov. 27th.
Have a great day!