Morning Quick Notes

Overnight
Grains are trading mixed this morning. Beans up 2 cents, corn unchanged, and wheat down 1 ¼ cents.

US Dollar Index down slightly this morning. Crude oil up 70 cents per barrel.

Morning Notes
The Chinese Ag Ministry said that nearly 70% of the country’s soybean imports from January through August 2018 came from Brazil, and that domestic soybean plantings “increased” this season, resulting in an “ample” harvest and “relatively ample” domestic supplies, with “significant price fluctuations unlikely.”

China sold 1.2 MMT of corn from state reserves, or 30% of the total offered this time around, at $208 per tonne.

Rains are stretching from the southern Plains up through the heart of the corn belt and northern Midwest this morning, with amounts solid again in TX and OK (not the panhandles, though) and much lighter up through corn and soybean areas.

Chart of the Day
Weekly soybean export sales were dismal once again on the seven days ending 10/11, at just 10.8 million bushels, com-pared to 16.2 mbu the previous week and 44.4 mbu on the comparable week last year. Cumulative sales through six weeks of the ‘18/19 marketing year stand at 766 mbu, now a full 200 mbu behind last year’s pace, and the slowest number at this point in the year since 2011. The USDA is still looking for just a 69 mbu YoY soybean export decline.