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10-21 Midday: Soybeans Pulling Back at Midday, Corn and Wheat Lower

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn is weaker at midday, pressured by harvest pace and The American Petroleum Institute saying they do not support year-round E-15 sales. December corn is down 3-00 cents to $4.20-1/4 while March corn is 2-1/2 cents lower to $4.34-1/2.
  • According to a Bloomberg poll, US corn harvest is seen at 59% complete, down from 62% complete through the same week last year but above the 5-year average of 57%.
  • AgRural reported that Brazil’s first corn crop has reached 51% planted, up from 48% planted through the same week last year.

  • Soybeans are pulling back at midday but remain slightly above unchanged. Support is coming from President Trump announcing he feels confident that a trade deal will get done with China next month. November soybeans are up 1-00 cent to $10.32-3/4, while the January contract is up 3/4-00 cent to $10.50-3/4.
  • A Bloomberg poll showed the average estimate for soybean harvest at 74% complete, up from 60% a week earlier but below last year’s pace of 81% complete.
  • According to AgRural, Brazil’s soybean planting has now reached 24% complete, up 10% from last week and 6% higher than the previous year.
  • Wheat prices are softer at midday, pressured by increasing global supply estimates. December Chicago wheat is down 3-1/4 cents to $4.20-00, December KC is 4-00 cents lower to $4.86-00 and December Minneapolis is down 1-00 cent to $5.47-1/2.
  • Winter wheat planting is seen at 76% complete according to a crop survey. This is up from last week’s survey which showed 60% planted and up from last year’s 73% planted through the same week.
  • IKAR has raised their wheat production forecast again for Russia by 0.5 mmt to 88 mmt. This compares to the USDA’s estimate of 85 mmt.

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