Morning Quick Notes

Overnight
Grains unchanged to lower near the break. Wheat down 3 cents, corn unchanged, and beans down 4 ½ cents.

Morning Headlines
Ukraine’s corn harvest is 60% complete at 18.6 MMT. Russia’s corn harvest is 70% complete at 7.8 MMT.

China imported 40,000 MT of corn in September, down 83.4% from 2017, and 90,000 MT of sorghum, down 76.9% from 2017.

JCI reports China’s September Crush at 8.05 MMT, their second largest on record for Sep.

Winter wheat planting is below the 74-80% expected range at 72% complete. Average pace is 77% complete. The crop is 53% emerged vs 55% average.

The EU Commission says 2018/19 soft wheat exports have totaled 5 MMT vs 6.6 MMT a year ago. Barley exports are 1.6 MMT vs 1.8 MMT.

Chart of the Day
The national corn and bean harvests picked back up a little slack as conditions finally started to dry out on the week ending Sunday night, as soybeans outpaced expectations with a 15% gain on the week (to 53%), while corn fell short of estimates at a +10% this week to 49%. That leaves corn just slightly ahead of its average pace, while soybeans remain about a week behind; only IL and IN stand ahead of their respective 5YA’s in soybeans, each only 3-4 points ahead, with the rest of the major production states behind.