Afternoon comments 10.04.19
Dec corn down 4 @ 384 3/4 | Nov beans up 4 1/2 @ 916 1/4
Corn ended today on a lower note, but still 13 1/4 higher on the week. There was a lack of fresh news for corn and the market drifted lower. There is concern surrounding the export pace, current sales are 49% of last years at this time, and current weather patterns are seen as beneficial to harvest, while losses to frost are thought to be relatively low.
On the soybean side, the market ended on a stronger note with the week ending 33 1/4 higher. South American dryness is beginning to catch some attention with a delay in planting. Overall strength in both markets has come from this past Monday's quarterly stocks report, which lowered this year's corn and soybean carry out by 300 million bu and 100 million bu respectively. The tightening of the balance sheet now brings the expected yield and harvested acres into greater focus for the market moving forward, as we see continued position squaring ahead of the Oct. 10, and subsequent, WASDE reports.