Updated on 10/20/2017
At the break this morning grains were steady to higher. Corn is the laggard up ¼ cent, beans are up 3 ½ cents and wheat is higher by 3 ¼ cents.
Crude is down 35 cents in early trade.
Informa lowered its estimate of U.S. 2018 corn plantings to 90.460 million acres, from its 91.880 previous estimate.
They raised U.S. 2018 soybean plantings to 90.347 million acres, up from last month’s 89.057 million acres.
U.S. harvest may see further delays this weekend, as rains of up to 1-1.5” are forecasted for the Plains and Midwest.
The USDA attaché in Australia lowered their Aussie wheat crop estimate to 20 MMT vs the current USDA estimate of 21.5 MMT.
Chart of the Day
Today’s chart shows both corn and soybean export sales and shipments compared to last year’s respective paces, through six weeks of the 2017/18 marketing year. Sales totals were respectable this week at 45-50 million bushels each, but actual shipment numbers on the week were less positive. Soybean shipments did total over 65 mbu, but that compared unfavorably to a 98 mbu number on the same week last year; corn shipments hit just under 13 mbu, compared to 23.6 mbu the week prior and 33.5 mbu last season.