Crop Progress shows corn, beans behind average
A mixed to mostly lower start is expected this am, down 3-4 wheat, 1 corn and steady beans. The $ is a little lower this am and crude oil is a little higher, but not enough to be a major supportive influence on the grains. This could change during the session so traders will keep an eye on these outside markets as the day progresses.
The Weekly Crop Progress Report showed only 20% of the corn and 44% of the beans have been harvested vs 58% average for corn and 80% average for beans. Winter wheat planting nationally reached 76% vs 85% average. Soft red winter wheat planting remains well behind normal in Illinois and Indiana with just 33% and 43% have been planted, respectively. Normally, 82-83% of the crop has been planted by this time in the season in these states. However, Ohio, the largest soft red winter wheat state, is not too far behind at 79% vs 86% average.
We could have a "turn-a-round Tuesday" trade today with the market reversing course from yesterday, which would mean higher prices today.
Friday is first notice day for Nov bean deliveries with very few, if any, deliveries expected.
There will be an internet seminar on Monday, Nov 2 at 2pm US Central time entitled "The Forces Driving The Ag Credit Market And Its Impact On Producers". You must register to watch this seminar on the internet. Go to CMEGroup/AgCreditWebinar to register.
More bean harvest-delaying rain is forecast in the delta over the next few days. The southwest winter wheat belt had up to 1" of rain scattered in the east yesterday. It will be mostly dry today-tomorrow but more scattered rain is forecast starting tomorrow night and Thursday, up to 1.5", which could slow late winter wheat planting. Welcome dry weather is forecast Fri-Sun and the 6-10 day predicts below normal rain. The Midwest saw only light, scattered rain yesterday. The belt will see up to 1.5" of scattered but widespread rain the next few days before dry weather moves in over the weekend. The forecasters are still split on next week but most now aknowledge the possibility of a pattern change to much drier weather then, which would facilitate rapid harvest progress. This possibility weighed heavily on prices yesterday, along with the strong $ but this morning the market doesn't seem to have any clear cut direction, especially judging by overnight action.
The Weekly Crop Progress Report showed only 20% of the corn and 44% of the beans have been harvested vs 58% average for corn and 80% average for beans. Winter wheat planting nationally reached 76% vs 85% average. Soft red winter wheat planting remains well behind normal in Illinois and Indiana with just 33% and 43% have been planted, respectively. Normally, 82-83% of the crop has been planted by this time in the season in these states. However, Ohio, the largest soft red winter wheat state, is not too far behind at 79% vs 86% average.
We could have a "turn-a-round Tuesday" trade today with the market reversing course from yesterday, which would mean higher prices today.
Friday is first notice day for Nov bean deliveries with very few, if any, deliveries expected.
There will be an internet seminar on Monday, Nov 2 at 2pm US Central time entitled "The Forces Driving The Ag Credit Market And Its Impact On Producers". You must register to watch this seminar on the internet. Go to CMEGroup/AgCreditWebinar to register.
More bean harvest-delaying rain is forecast in the delta over the next few days. The southwest winter wheat belt had up to 1" of rain scattered in the east yesterday. It will be mostly dry today-tomorrow but more scattered rain is forecast starting tomorrow night and Thursday, up to 1.5", which could slow late winter wheat planting. Welcome dry weather is forecast Fri-Sun and the 6-10 day predicts below normal rain. The Midwest saw only light, scattered rain yesterday. The belt will see up to 1.5" of scattered but widespread rain the next few days before dry weather moves in over the weekend. The forecasters are still split on next week but most now aknowledge the possibility of a pattern change to much drier weather then, which would facilitate rapid harvest progress. This possibility weighed heavily on prices yesterday, along with the strong $ but this morning the market doesn't seem to have any clear cut direction, especially judging by overnight action.
posted by InsightPublishing at
10:30 AM
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