Market Commentary  11/14/18 4:02:49 PM Printer Friendly VersionPrinter Friendly Version

Wednesday, November 14, 2018

CORN

Corn was little changed today after trading both sides of yesterday’s closes. CZ settled ½ cent higher and CH tacked on ¼ cent. Light support came from an announcement this morning of a sale of 212,000 MT’s of U.S. corn to Mexico. The support was offset by harvest pressure as much of the Midwest experienced a dry and cold day which allowed combines to return to the field. Yesterday’s Crop Conditions Report showed 84% of the U.S. corn crop harvested which leaves approximately 2.3 billion bu. still in the field. The bulk of the unharvested bushels is in the northern belt as the states of North and South Dakota along with Wisconsin and Michigan have more than 25% of their corn acres to harvest. The weekly EIA energy report will be released tomorrow morning – traders expect last week’s ethanol production to be down slightly from the previous week’s level. The weekly export sales report is

BEANS

Soybeans were higher today as optimism that the U.S. and China will soon reach a trade agreement resulted in a modest short covering rally. SF gained 5 ¼ cents; SH was a nickel better. Rumors that the Chinese Vice Premier will visit Washington with a goal of establishing a trade agreement framework ahead of the G20 summit stoked hope that China will soon be importing U.S. soybeans. The USDA for a second consecutive day announced the sale of U.S. soybeans to unknown destinations with this morning’s sale listed at 148,000 MT’s. NOPA will release its November report tomorrow. Traders expect the October crush to be near 170 million bu. which would be the second highest monthly total on record (the March 2018 crush was 171.8 million bu.). NASS yesterday estimated that 88% of the U.S. soybean crop is harvested which would leave 515 million bu. still in the field (Missouri has the most unharvested soybeans with an estimated 79 million bu. still in the field). Using the November Crop report numbers, we would still have 2018/19 ending stocks of 440 million bu. if none of these bushels were harvested.


 
 
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