Corn: 2 to 4 lower
Beans: 1 to 2 higher
Grains trading mixed this morning after a relatively quiet week yesterday as harvest progresses in the corn belt. The soybean market is clearly looking more positive than corn as yield estimates are starting to roll in from various firms. INTL FCStone estimated U.S. corn yields at 170.0 bpa on Friday, up from 169.3 bpa previously, with soybeans at 47.5 bpa, vs 48.1 bpa in September. Along with lower yields, soybeans are also supported on the demand side by potential Chinese purchases. Today we see the crop progress report released at 3 pm. Friday will be the monthly USDA report – the trade will be watching for more estimates this week.
Global: INTL FCStone Brazil on Friday morning raised their 2019/20 soybean production estimate from 121.4 to 121.8 MMT, due to a slightly higher planted acreage estimate compared to last month; that’s up from 115.0 MMT last year. First-crop corn production was also increased slightly this month, from 26.3 to 26.5 MMT, up from 25.6 MMT last season.
Have a good day!