Upcoming S&D
The USDA will issue its monthly S&D Thursday at 10 AM Mountain Time.
The market changes expected from October:
Corn yield: increased to 173.2 vs. 173.0 and carryover increased 20 million bushels to 2.131 billion.
Soybean yields: unchanged at 49.6 bu with the carryover 2 million more bushels at 222 million.
World wheat carryover: down 300,000 mt to 257.8 million mt.
Highlights
Poet at Shell Rock, IA pushed their basis to +20Z (20¢ over Dec futures for 1st half November).
Grain export trader in Brazil, Eduardo Vanin, said yesterday afternoon:
"Very slow farmer selling and very stressful weather pattern for all over Brazil. I spoke to some producers from Mato Grosso over the weekend. The rainfall pattern was the same: very poorly distributed. The EC model shows little rain for the next 5-10 days..."
247AG yesterday afternoon: "Super dry ahead, compared to normal."
Agrinvest Commodities yesterday morning:
"We reduced Brazil’s soybean crop size from 163 to 154 million mts as dry weather is causing a big worry for the Northern states’ crops" (USDA at 163).