StateLine Cooperative Afternoon Comments October 26th

Corn North Burt: down 2 $3.83

Corn prices saw pressure from weakness in the wheat, energy and equity markets. Additional pressure came from a stronger US$. Harvest delays continue from rain events across the ECB and recent snow/rain mix in the WCB.    

• Closes: December at $4.17 ¼, down 2 cents, March at $4.17 ¾, down 2 ½ cents, July at $4.18 ¾, down 2 cents.
• Most months hit resistance near the $4.20 area.
• Weekly export inspections were disappointing at 636 tmt.
• Harvest progress is estimated at 73% complete (68-75) versus 60% last week.

Soybean: up 2 @ $10.18

Soybeans started the session lower but managed to pull themselves back into positive territory for Nov/Jan/March. Weekly export inspections were decent for this past week, leaving some thoughts that we may see an increase in soybean exports on the next USDA monthly S&D report.

• Closes: November at $10.86 ¾, up 3 cents, March at $10.67 ¾, up 1 ¾ cents, July at $10.57 ¾, down 2 cents. The products were stronger with meal up 2-3 bucks and oil up 31 points.
• The Nov & Jan seemed to have topped out just short of $10.90.
• Weekly export inspections were solid at 2.7 mmt.
• Harvest progress expected to be 86% complete (83-89) versus 75% last week.

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