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Grain Comments10/26/18 8:14:31 AM
Good morning. Corn and soybeans are higher to begin the day – a welcome change from the past few days when markets were lower each morning. Outside markets are a bit bearish to commodities as crude is down nearly a dollar, equities currently look like they will open lower, and the Dollar is stronger. The Commerce Department this morning reported that the U.S. economy grew at a 3.5% rate in the 3rd quarter. The strong growth rate may offset some of the negative outside market influence. Rain moved across a large part of the western and central Midwest overnight with the moisture moving into the eastern Midwest this morning. Short term forecasts are reducing rain chances for the western Midwest over the next week and soybean harvest should make good progress in the west during this time period. Australia’s ABARES said that wheat production will be lower than its September estimate although it did not say how much lower. This is pushing wheat moderately higher this morning. Most analysts are pegging the Australian wheat crop in the 16 to 18 MMT range compared to the USDA at 18.5 MMT’s. The Buenos Aires Grain Exchange estimated that Argentina corn crop is 1/3 planted which about average for late October. Corn planting is expected to be complete in two weeks. Soybean planting has just gotten started. Much of Argentina is overly dry, but forecasts show better rain chances in November. The meeting between Russian officials and grain exporters occurred today - results of the talks have not yet been disclosed. It’s been a lower week at the CME – we are due for an uptick. Look for a mostly higher trade to end the week. Have a good Friday.