Tuesday Oct 6, 2020 By: Eric Peterson
Corn traded lower overnight with the December contract trading a four cent range. The market found strength overnight after yesterday’s crop progress report. The USDA crop progress report pegged corn harvest at 25% complete, ahead of the five year average of 24%, but below expectations of 26%. Look for higher trade today due to a slightly slower harvest pace than analysts had expected.
Soybeans found strength overnight as export demand remains strong. Soybeans closed near the overnight high of $10.33. Yesterday’s export report had totaled above market forecast. The USDA reported the weekly progress report that U.S soybean harvest is now 38% complete. Look for mostly higher trade today.
Spring wheat was slightly higher this morning taking a slight breather after yesterday’s rally. The USDA reported that U.S winter wheat is now 52% planted up from 35% last week and ahead of the five year average. The average analyst estimate for ending stocks on this Friday’s USDA report is set at 887 million bushels vs. the August USDA number of 925 million. Look for mostly higher trade today.
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