Morning Comments November 11, 2019

Grain bins dryer

Opening calls:

Corn down 1-2 

Beans down 3-5 

Following the USDA’s WASDE report on Friday, corn closed a couple higher, but down 12 for the week. Soybeans finished about 5 lower, down about 6 for the week. We’ve seen some follow through selling overnight and to start the day, and currently both corn and beans are lower. It’s possible that there was some significant farmer selling of corn over the weekend as many parts of the country saw decent harvest weather. Beyond that, and a little deeper dive into the WASDE showing reduced demand for both corn and beans, most stories are talking about South American weather. Brazil is expected to receive some beneficial rains and Argentina’s crop is starting off nicely. There continues to be a little talk about the potential of the 2020-2021 corn crop approaching an ending stocks number closer to 3 billion than 2 billion. 

Snowy, wet weather across much of Iowa will slow harvest progress to begin the week. Later today, we’ll see what the USDA thinks about harvest progress through yesterday. We’d expect a big jump in corn progress. 

Please note, today is Veteran’s Day, a Federal Holiday. No postal service, and most banks will be closed. The grain markets, however, are open and trading.