STATELINE COOPERATIVE’S AFTERNOON COMMENTS OCT 25th
Corn North Burt: steady @ $ 5.15
Corn futures continue to inch higher, drawing support from soaring energy markets.
- Weekly crop progress showed corn is 66% harvested vs 65% estimate and 53% average.
- Weekly corn export inspections were 545,127 MT, well below the 750k MT-1.2 MMT estimates and 1.3 MMT/week pace needed to hit the USDA projection.
Soybean: 17 @ $11.87
Bean oil was able to lift the soy complex today despite lower crush and energy markets and not much movement in soybean spreads. Export demand is on the rise and traders are on the lookout for daily sales announcements as there are rumors of more buying interest from China.
- Soybean harvest estimate is 73% vs 74% estimate and 70% average.
- Weekly soybean export inspections totaled 2,103,505 MT vs 1.8-2.625 MMT estimates, with nearly 75% to China.
- AgRural estimates Brazil soybeans are 38% planted and Safras y Mercado 35.8% vs 27% average, second fastest pace on record.