Corn: Steady-1 lower
Beans: 1-2 better
Argentine corn planting progress is pegged at 40% vs. 36% last year and is rated at 44% good/excellent compared to 34% last year. U.S. corn sales came in at 21.6 million bushels which was in line with the trade expectations and an increase from last week’s sales of 19.3 million bushels. However, total commitments of 449 million bushels remain down 48% from last year at this time which could cause the USDA to lower their export projection in the November 8th WASDE report. FC Stone is expected to release their November U.S. corn production estimate today with Informa’s coming out either today or Monday. The soybean market is in a bind between US/Chinese trade uncertainty and firmness in the cash market. Soybean sales last week were 34.7 million bushels which was on the high side of the trade range. Current total commitments are at 708 million bushels. Precipitation moved through parts of the eastern corn belt over the last 24 hours and is scattered throughout the Midwest this morning. The weather forecast looks promising in the 6-10 day outlook after the precipitation we saw this week.
Another item causing concern to everyone in the Midwest is the availability of propane. At least 3 states have declared an emergency with regard to propane. These states are Wisconsin, Minnesota, and Iowa. All 3 proclamations cite the excessively wet and late corn harvest for the increase in demand for propane. On top of that, there have been some significant issues with supplies of propane due to pipeline issues. This will become a much bigger story in the next few days. We urge you to stay in contact with your local corn buyer(s) as unload hours will be impacted if/when they are taking in too much wet corn relative to the ability to dry it.