Corn closed the week $.04 3/4 lower.
Last week, private exporters did not report any private sales.
Weekly export sales of corn showed a total of 47 million bushels, well above the 9.5 mb needed each week to reach the USDA forecast of 1.225 billion bushels.
Annual exports total 923 mb of the 1.225 bb that was forecasted.
The USDA reported the U.S. crop progress has now reached 84 percent harvested. The five-year average is 79 percent complete.
Argentine corn planting advanced to 36 percent complete as of Nov.7, up from 31 percent the week earlier, but remains significantly behind the average of 64 percent.
The late start to planting given early dryness has been followed by heavy rains of late, which ultimately will likely prove beneficial, but are keeping activity slow at the moment.
Informa estimated 2014/15 corn acres at 91.5 million, down 134,000 acres from last month and 3.8 million below last year.
Strategy and outlook: Producers are 100% sold of 2013/14 crop. Producers are 10% sold of the 2014/15 crop.
Soybeans closed the week $.15 1/2 higher from last week.
Last week, private exporters reported a sale of 239,000 metric tons of soybeans to China; 35,000 mt of bean oil to an unknown destination and 40,000 mt of bean oil to India.
Weekly export sales of soybeans showed a total of 31 mb, well above the 8.3 mb that is needed each week to reach the USDA forecast of 1.37 bb.
Total export sales of 1.253 bb is 86 percent of the USDA’s forecast.
The USDA reported U.S. soybean harvest is at 91 percent complete as of Nov. 10. This number is slightly below the five-year average of 92 percent.
Brazilian soybean planting continues to move along at an excellent pace, with 59 percent planted as of Nov. 8, up from 44 percent the previous week and compares to 49 percent average.
Most major soybean-producing states are reporting planting progress ahead of average.
NOPA member crush in October was revealed at 157.1 mb, slightly above trade guesses and up 2 percent from last year and the largest October crush rate on record.
Informa pegged 2014/15 soy acreage at 83.8 million acres, down a negligible 90,000 from last month, but still 7.3 million above 2013/14.
Strategy and outlook: Producers are 80 percent sold of the 2013/14 crop. Sell 10 percent at $13.53 and 10 percent at $13.78.
Producers are 10 percent sold of 2014/15 production.
This material has been prepared by a sales or trading employee or agent of Midwest Market Solutions and is, or is in the nature of, a solicitation. The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. We do not guarantee that such information is accurate or complete and it should not be relied upon as such.
Brian Hoops can be reached at (605) 660-1155.
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