Good Morning: The grain markets are mixed. Soybeans are lower and trading below the previous day’s low for the first time in more than a week. Fresh trade news remains scarce which will likely hang over the marketplace until more info is known. The overnight GFS model has a rain and snow event pushing across the northern Midwest during the last week of Oct. The event has the possibility of producing heaving rain and snowfall although the confidence in this event is low. Dry conditions are expected to persist across Mato Grosso and northeastern Mato Grosso do Sul into Mina Gerais and Bahia before a timely event moves across the region early next week. Argentina will see regular rainfall through the next 10 days. The national corn harvest came in at 22% as of Sunday night, up from 15% last week but behind 38% last year and the 36% five-year average pace; corn denting and maturity remained behind their comparables at 96% and 73%, respectively, while crop ratings fell a point to 55% good/excellent, also below 68% LY and the 66% 5YA. U.S. soybean harvesting rose from 14% to 26% this week, still behind 37% LY and the 49% 5YA pace, with 85% of the crop dropping leaves, versus 72% LW, 94% LY, and the 93% average pace. Soybean condition ratings rose a point this week to 54% g/ex, still behind 66% LY and the 62% 5YA. Winter wheat plantings rose from 52% to 65% done this week, in line with 64% LY and the 65% 5YA, with emergence up from 26% to 41%, in line with 42% LY and the 40% 5YA. The spring wheat harvest added three points to 94% g/ex, down from 100% both LY and on avg. Renewable Fuels proponents are outraged following the EPA’s draft policy that bases the biofuels volumes required for blending on U.S. Energy Department estimates, rather than actual exemptions. In early Oct, it appeared the biofuels industry had won a concession that would require refiners who are not exempt from the rules to blend the additional gallons of ethanol and other fuels that smaller facilities did not. Each September, as part of the quarterly report, the USDA reviews its estimate of the previous year's soybean crop. The USDA is considering adding the same analysis for corn to the September report starting in 2020. Have a great day! Wayne Kollis - Melissa Peters - Mike Rosenberg - Matt Zeman - Austin Behrendsen
Thu 10/17
Fri 10/18
Sat 10/19
Sun 10/20
Mon 10/21
High
61 F
66 F
59 F
54 F
Low
37 F
49 F
43 F
Precip
0%
30%
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