Markets are higher this morning with corn up 2 and soybeans up 10.
Last nights’ crop report showed corn harvest at 82% complete compared to 69% for the 5 year average. Soybean harvest was 87% complete compared to 83% for the 5 year average. Wisconsin was reported at 55% complete on corn and 91% complete on soybeans. Both are significantly ahead of the 5 year average.
Brazilian farmers planted around 1 million hectares of soybeans per day during the last week to nearly catch up on sowing delays for the new grain season. Soybean planting in Brazil advanced in a week from 23% of the area to 42% by Oct. 29 as farmers worked the fields at a breakneck pace after long-delayed rains provided the necessary soil moisture for them to progress; the current planting situation is now close to the historical average of 44% by this time of the year.
Look for the grains to remain range bound with greater risk to the downside with shutdowns worldwide from Covid outbreaks. Fear that exports and global trade along with US shutdowns on the horizon may have traders pulling money from the grains.
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Have a Safe Day!