Morning Comments November 5, 2019

Scouting Harvest 9

Opening calls:

Corn: Steady

Beans: Penny lower

Good morning! 

Grains trading mixed this morning after another mixed day in the trade yesterday. Corn traded lower as pre-report estimates for yields keep rising, along with record-low exports and improved harvest weather. Soybeans started the day stronger yesterday as news on a potential China deal hit the market, but couldn’t hold the rally. The crop progress report yesterday showed the national corn harvest at 52% complete this week, up from 41% last week, 74% last year, and the 75% five-year average pace. The soybean harvest rose from 62% to 75% done, still down from 81% last year and the 87% five-year-average. The trade will keep watching the weather forecast as well as private estimates from firms for our USDA report. 

Have a good day!