AM Comments 10/15/13
Tuesday, October 15, 2013, 8:09 amSubmitted by: Dustin Weiner
Good morning!
Yesterday the majority of the market was faced with a limited, thin trade with banks and other businesses closed for Columbus Day (not to mention the gov’t is still closed, today is day 15 of the shutdown). We did not receive our normal harvest progress info yesterday afternoon but we read a Reuter’s poll this morning that shows U.S. soybean harvest at 45% complete (this same poll showed 22% completion a week ago). They estimated corn harvest to be 31% done (it was 20% last week, according to this poll).
There were some strong rains that fell across the Western Corn Belt yesterday, putting a stop to harvest in those areas. This same system is creeping into the Eastern Corn Belt today but it looks to be more spotty. Cold temps are coming right behind this storm with the potential for scattered frost in the Dakotas and Minnesota tonight. The big risk for frost comes after the second cold front hits later this week – producing widespread frost threats for the weekend. The good news for harvest progress (potentially bearish news for prices) is that the next major rain system doesn’t look to show up until Oct 27th – 28th with only light showers showing up in between now and then.
Quickly on South American weather… they have received some much needed rains over the past 4 or 5 days in Argentina. This should help increase their planting pace (farmers down there were waiting for rain as their soils were too dry). Even with that though, additional moisture will be needed (and currently isn’t forecasted). Brazil has had much better luck as they have had timely rains and near ideal planting conditions.
Opening Calls
Corn steady to up 1c
Soybeans 3 to 5 cents lower
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