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10-28 Midday: Grain Market Extends Gains at Midday

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn futures are firm at midday, supported by China/US trade talks and higher soybean prices. December futures are up 6-3/4 cents to $4.35-1/2, while March futures are 5-1/4 cents higher to $4.49-1/2.
  • AgRural estimates that Brazil is now 55% planted, up slightly from last year’s pace of 53% done through the same week.
  • The US corn harvest is seen at 72% complete according to a Reuters poll. This is behind last year’s 81% harvested at this time.

  • Soybeans are once again sharply higher as optimism continues to increase regarding this week’s meeting between the US and China. November soybeans are up 20-1/4 cents to $10.87-1/2, while March futures are 18-3/4 cents higher to $11.14-1/4.
  • According to a Reuters survey, the US soybean harvest has advanced to 84% complete, slightly behind last year’s 89% complete through the same week.
  • Brazil’s soybean planting is seen at 36% complete according to AgRural. Planting advanced 12% from last week and is now on par with last year’s pace.
  • Wheat prices continue to trend higher early in the week as the rest of the grain complex is also higher. December Chicago is up 7-00 cents to $5.33-00, December KC is 9-1/4 cents higher to $5.23-1/2, and December Minneapolis is up 8-00 cents to $5.68-25.
  • Estimates showed winter wheat planting jumping to 85%, up from 76% planted last week. Crop conditions are seen at 50% good-to-excellent, which is up from 38% in the same week last year.
  • Wheat harvest in South America is seeing delays as rains continue to fall in Brazil. The US could also see some precipitation stretch across the Southern Plains this week.

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