Should expect a decent amount of harvest progress across the corn belt, good window for much of the WCB over the weekend
Harvest progress released at 2PM
Weekly corn export inspections reached 37.4 million bu.
Trade estimates ranged 35.4-47.2 million bu.
Marketing year corn export shipments to date exceed the seasonal pace needed to reach USDA’s target by 15 million bushels, up from 12 million bushels the previous week.
Top Destinations: Mexico 8.4 million bu., Colombia 7.0 million bu., Japan 6.9 million bu.
The technical picture feels a bit shaky
CZ18 reached its highest values on Monday and by Friday it closed below key support at 370
Next target is 366 and would a rebound over 370 continue to tempt the funds to build more of a long position?
Beans holding their own to start out the week as harvest has made great strides over much of the WCB in the last 5 days
The trade will be fixated on just how much harvest progress was made when the USDA tells us this afternoon
Brazil is on a fast pace getting their beans in the ground so that they can begin to fill China’s pipeline once again
China is in need of beans yet they have virtually no appetite for US beans
BEIJING/MUMBAI, Oct 22 (Reuters) - China has dropped a years-long ban on rapeseed meal imports from India as the government seeks to diversify sources of protein used in animal feed, the customs administration said on Monday. Rapeseed meal shipments from India can resume Monday if they meet certain inspection and quarantine requirements, the General Administration of Customs said on its website.
Export inspections came in at 42.2 mbu and at the upper end of the range
LY on this week we inspected just shy of 100 mbu
We shipped 5.9 mbu to Argentina LW which put them as the #2 destination with Egypt #1 at 6.0 mbu
We are now 143.57 mbu behind LY’s pace
Wheat: KWZ18 -8.00¢ MWZ18 -2.50¢
Wheat export inspections today at 382 vs 458.5 last week.
Spring wheat behind pace 12%
Winter wheat behind pace 23%
Total wheat behind by 14%
Informa rated all wheat acres of 49.8 Friday.
Higher than last year (2mln) but lower than last month (290K).
ECG's Happenings
ECG 2018-2019 DP Grain Program Corn .06 per month prorated 5 days grace period No Minimums Soybeans .07 per month prorated 5 days grace period No Minimums Bushels delivered will be applied to contracts first and then be allowed to DP. DP corn and beans must be priced by 9/30/19. Space may be limited.
Dry conditions covered all major crop areas Monday afternoon. Temperatures ranged from the upper 30s in the southern Canadian Prairies to the mid 70s on the eastern Gulf coast and South Atlantic coast. » More DTN Weather Commentary
Posted at 2:05PM Mon Oct 22, 2018 CDT
This Day In History
October 22, 1964
French philosopher/author Jean-Paul Sartre refuses Nobel prize
Late last week, many farmers ventured out to their rain-soaked fields to check the condition of their crops. Many found ruined soybean plants and sprouting corn. Others couldn't tell, because their crops were covered in snow.
