Morning Comments October 27, 2020

Sillouette Harvest Sunset

Opening Calls:

Corn steady to 1 higher 

Beans 1 to 2 lower 

Harvest progress on corn was estimated at 72% nationally with Iowa at 78%; Illinois at 80%; Nebraska at 76% and Minnesota at 72%. All of these are well ahead of last year and the 5-year average. Export inspections for corn slipped a bit from almost 36 million bushels to 25 million. However, this was quite a bit more than last year’s 15.4 million for the same week. Total exports for the year are now 240 million bushels vs. 137 million at this point last year. 

Soybean harvest progress was said to be 83% complete nationally. Iowa was pegged at 94%; Minnesota at 98%; Illinois at 90%; both South and North Dakota are virtually done. Domestic demand remains solid with estimated crush margins at the highest level in 2 years, supported by bean meal and soy oil markets. Brazilian soybean planting has started to pick up pace at 16% planted versus 6% last week and 28% average. 

We continue to encourage offers while this board is trading sideways with small dips and spikes. You can place an offer for bushels in the elevator or in your bin, whether for delivery now or in a future month. Just contact one of us, and we’ll be glad to help.