Morning Comments October 22, 2019

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Opening Calls:

Corn: 2 to 3 higher

Beans: 4 to 6 higher

Corn market is trading higher this morning in response to the USDA weekly crop progress and conditions rating report released yesterday. National percent harvested is 30% compared to 48% last year with Iowa at 15% versus 27% this time last year. Crop condition rating good/excellent came in lower with 56% versus 68% last year on the national level, and 66% versus 68% last year in Iowa. While the weather is a factor, sluggish exports and ethanol demand also remain an issue.

The soybean market is also trading higher this morning as a result of the lack of harvest progress. National percent harvested is 46% compared to 51% last year with Iowa at 48% compared to 34% last year. Crop condition rating good/excellent came in lower with 54% versus 66% last year, and Iowa at the same condition of 65% as compared to this time last year. The bean market is also responding to rumors that China had issued tariff waivers for additional soybeans and soymeal.