CORN

• Corn prices are slightly higher at midday, supported by the recent strength in soybeans and wheat. December futures are up 2-1/4 cents to $4.37-00 while March futures are 1-1/2 cents higher to $4.49-1/2.
• Monday’s Crop Progress report showed corn harvest is now 91% complete, down from 98% done last year and the 5-year average of 94%.
• China’s corn imports during October totaled 360,000 mt, up 43.1% year-over-year according to the General Administration of Customs website.

SOYBEANS

• Soybeans are pulling back at midday on buy the rumor, sell the fact type of action after confirmation of China buying US soybeans. January futures are down 00-1/4 cents to $11.57-00, March futures is a penny lower to $11.62-1/4.
• China’s COFCO confirmed 14 cargos (840,000 mt) of US soybeans were purchased yesterday. The cargos are scheduled for December-January shipment.
• NOPA crush for October came in at a record for the month at 227.647 mb. This was up 15.1% from September and 13.9% from a year ago.
• Yesterday’s Crop Progress report showed soybean harvest in the US is now at 95% done, down from last year’s pace of 98% complete, and the 5-year average of 96%.

WHEAT

• Wheat prices are mixed at midday, with both Chicago and KC wheat giving back some recent gains. Minneapolis wheat finds itself higher.
• Winter wheat planting is seen at 92% complete, down from last year’s planting pace of 94% through the same week. Winter wheat conditions came in at 42% good-to-excellent, below last year’s 49% GTE rating.
• Wheat’s recent strength is contributed to an explosion on a rail line which connects Poland to Ukraine. War premium is being factored in now.

Author

Tanner Wilson