Morning Highlights


Highlights

  •  Weather appears to be improving with clearing skies over the next 24 to 48 hours for much of the Corn-Belt. The exception, however, is the southeastern US where Hurricane Michael continues to move through South Carolina.

  • In the past five days the Dow Jones industrial has lost 5.18% and is trading at 25,598.74. In other markets the selloff continues with the Nikkei falling 915.0 points at 22,591.50, the Shanghai down 142.00 at 2,583.0, the Hang Seng down 3.54% at 25,266.37.

  • The USDA October S & D report will be released today at 11:00 AM CDT.

 

Corn

  • Corn trade was lower overnight, trading lower for the fourth day in a row down 1 ¼ cents bracing for the USDA report today.

  • The average yield estimate for corn is 181.8 bushels per acre. That’s half bushel higher than last month’s 181.3 bushels per acre.

  • Conab released their estimate for Brazil’s 18/19 corn crop at 90.409 mmt, up 11.9%.

  • China sold 3mmt of 4 mmt corn offered at their state reserve auction today.

  • The SovEcon lowered their estimate for the Russian corn crop from 10.6 mmt to 9.8mmt.

  • Bayer is preparing for the retrial of Roundup after winning an appeal on a $289 million verdict.

 

Outlook:  Steady to a penny lower.

 

Oilseeds

  • November soybeans were down 4 cents overnight trading lower for the third day in a row ahead of the USDA report. Soybean meal in December was down $1.60 per ton at $314.10.

  • Soybeans in China are off 4 ¾ cents, trading at 3805 yuan’s per tonne. Soybean meal is up $1.60 at 3506 yuan’s per tonne.

  • The average yield estimate for soybeans is 53.3 bushels per acre. That’s half bushel higher than last month’s 52.8 bushels per acre.

  • Conab released their estimate for the 18/19 soybean crop at 118.239 mmt, off 0.9%.

  • Malaysian palm oil was down 22 ringgits, trading at 2,171 ringgits.

  • There were 16 soybean meal deliveries and 38 soybean oil deliveries.

 

Outlook: Steady to 2 to 4 cents lower.

 

Wheat

  • The wheat complex was higher overnight. Chicago wheat was up a penny, KC wheat was up 1 ¼ cents and Mpls spring wheat was up 2 ¾ cents.

  • Ukraine’s wheat exports have reached 36% of their target for 18-19 season. Their target is 8 mmt. Wheat shipments were 2.3 mmt for September, down 12%.

  • The Rosario Stock Exchange cut their forecast for wheat acreage by 470,000 acres. They cut production 2 mmt from 21 mmt to 19 mmt.

  • Matiff wheat was trading ¾ euro lower at 202.00 euro’s per tonne.

  • SovEcon raised their projection for the Russian wheat crop from 69.0 mmt to 69.8 mmt.

     

Outlook: steady to 2 cents higher.