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9-30 Midday:  Grains Remain Weaker Ahead of Quarterly Stocks Report

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn remains lower at midday, pressured by yesterday’s bearish Crop Progress report. December corn is down 3-1/4 cents to $4.18-1/4, while the March contract is 3-3/4 cents lower to $4.34-3/4.
  • Monday’s Crop Progress report showed corn ratings unchanged from the previous week at 66% good-to-excellent. Harvest advanced to 18% complete, up from 11% last week, but down from 20% through the same week last year.
  • Today’s quarterly stocks report is expected to show stocks at 1.337 billion bushels, down from 1.763 billion bushels last year.
  • Weather remains favorable through the weekend before rain chances move in early next week. This should help harvest to progress before any potential delays.

  • Soybeans continue to see weakness at midday as harvest pressure brings down prices. November soybeans are 6-1/2 cents lower to $10.04-00, with the January contract trading 7-00 cents lower to $10.22-3/4.
  • Yesterday’s Crop Progress report showed soybean ratings improving 1 point to 62% good-to-excellent. Harvest jumped to 19% done, up from 9% last week, but down from 24% complete through the same week a year ago.
  • The average guess for today’s soybean stocks figure is 323 million bushels, which is below last year’s 342 million bushels.
  • According to AgRural, Brazil’s soybean planting is now 3.2% complete, up from 0.9% last week and ahead of last year’s pace of 2% at this time.
  • Wheat prices are lower at midday as the market is anticipating higher wheat stocks compared to a year ago. December Chicago wheat futures are down 3-1/2 cents to $5.16-00.
  • Winter wheat planting now sits at 34%, up from 20% a week ago, but slightly behind last year’s pace of 37% complete through the same week. Winter wheat emerged is at 13%, which is on par with last year’s figure.
  • Wheat stocks are expected to increase to 2.043 billion bushels in today’s stocks report, which would be up from 1.992 billion bushels in last September’s report.
  • According to Poland’s central statistical office, the country’s wheat output is now expected to reach 13.4 million tons, up from last year’s 12.8 million.

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