Morning Comments November 8, 2019

Harvest 3

Opening calls:

Corn: penny lower

Beans: penny lower

Good morning!

Grains trading slightly lower this morning ahead of the November USDA report released at 11 am today. Soybeans received market support yesterday from talks of potential agreements with China. The USDA reported yesterday morning that China bought 136k tonnes of U.S. soybeans. Weekly soybean export sales picked up sharply to 66.4 million bushels this week, the third-highest total of the 2019/20 marketing year thus far. Traders will continue to closely monitor any fresh news on this front. For the report today, the general trade estimates are looking for lower yield and production this morning, as well as lower carryout. The report will also include an acreage resurvey in the Northern Plains states due to snowfall they received this fall. 

We will send an update from the report once it comes across. 

Have a great weekend!