Morning Comments November 19, 2019

Corn For Grain Advisors Invite

Opening Calls:

Corn: Steady to 1 higher

Beans: 2 to 3 higher

Soybeans were 91% harvested as of yesterday’s weekly harvest report. This is up from 85% last week but still behind the 5 year average of 95%. Yesterday soybeans were down 8 with the focus remaining on the U.S. and Chinese trade talks with only 4 weeks left until the December 15 tariff date. Soybeans fell yesterday on fund liquidation rumors of mounting problems over the amount of U.S. ag products that China is willing to commit to. The trade is closely watching soybean exports as the window for the U.S. is through February before South American supplies become available again.

Corn was 76% harvested last week, up from 66% the week prior, but still behind the 5 year average of 92%. Corn was 3 1/2 lower yesterday and we are now seeing corn offered on par with Black Sea origin. This should lead to an increase in U.S. exports in 2020 but this window is limited on the prospect for improving Argentine and Brazilian crops.

If you are unsure how to market your remaining corn, contact your local GMA for alternatives on managing risk. Also, with corn going into bins wetter than normal this year, don’t forget to speak with you GMA on strategies for coring your bins in December or January.