Softer markets to start the week with corn down 7 and soybeans down 5.
The forecast this morning is moving to a drier pattern next week. Temps will be on the cool side, but about normal for this time of year. Harvest should have little trouble getting underway this week. We should have a good chance of finishing up by Thanksgiving. Last week’s report saw 84% of anticipated 2021 U.S. corn acres harvested and 87% of U.S. soybean acres completed for the week ending November 7. This afternoon’s report should have us north of 90% on corn and soybeans.
The South American forecast is wet over the next 10 days. Northern Brazil will see heavy rain fall next week, holding in this very wet pattern. Argentina will have about 1-2 inches of coverage over most of the growing area. Their forecast may be too wet for the time being but has not delayed planting progress from averages.
President Biden and Chinese President Xi Jinping will have a summit meeting today. This will be the big story for this week and perhaps foreshadow what will happen when the trade agreement is up in 45 days.
A Biden administration official said the U.S. expects the virtual summit at 7:45 p.m. on Monday night in Washington to last several hours, a time frame that includes translation for both leaders in their third conversation this year. It comes as the world’s two biggest economies spar regularly over the origin of Covid-19, human rights in Hong Kong and Xinjiang, and the status of Taiwan.
While those issues aren’t going to be resolved in the meeting, the U.S. says it wants to put “guardrails” on the relationship, so it doesn’t get worse. The U.S. official, who asked not to be identified, told reporters that Biden will press Xi to abide by established international norms.
Have a safe day!