Oct 2 Morning Ag Commentary

by Steve Freed,

Grain are mixed to lower. SX is down 2 cents and near 8.55. CZ is down 2 cents and near 3.63. WZ is unchanged and near 5.09. US stocks are lower. US Dollar is higher.

The U.S. Midwest weather forecast is wet for the balance of the week and into next week as Hurricane Rosa remnants push into the Great Plains and Midwest. Temperatures will be above normal in the East coast and Southeast regions while below normal for the western half of the US.

Yesterday’s USDA crop conditions showed soybeans rated good/excellent (G/EX) as of September 30 unchanged at 68%. Soybean harvest was 23 pct vs 20 ly and 21 ave. Corn crop condition report showed crops rated good/excellent (G/EX) as of September 30 were unchanged at 69%. Corn harvest was 26 pct vs 16 ly and 21 ave.

Brazil’s 2018-19 soybean crop is seen reaching 120.4 million tonnes, a record, according to the average view from 10 analysts and consultants in a Reuters poll. They see the total soy planted area growing 2.8 percent in the new season to 36.14 million hectares.

Brazil monthly soybean exports for September where 4.611 million metric tonnes up 7.9% over last year and down 43.3% versus last month. Corn was 3.424 million metric tonnes up 18.1% MoM and down 41.1% YoY.

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2018-10-02T12:05:02+00:00 October 2nd, 2018|