Morning Comments December 3, 2019

Grain Corn Pile Closeup

Opening Calls:

Corn 1 to 2 lower

Beans 1 to 2 higher

USDA crop progress was release yesterday and corn is at 89% harvested. Normally this time of year we would be at 98% complete. Corn export shipments were down over 30% from a year ago.

October soybean crushing was the highest crush since May 2015. Of last week's soybean shipments, China was the destination 70% of the time. Soybean spec positions are now showing net short, first time since early October soybeans managed money specs are short.

As harvest winds down, don’t forget to have your offers in place for any rallies.