Morning comment 9.26.19
Currently: corn @ 371, down 1 1/2 | beans @ 887 1/2, down 1
Corn hasn't done much this week so far. Much of the market is waiting and positioning for Monday's quarterly stocks report with end of month and end of quarter also being factors. Exports for corn were disappointing, only 19.4 mbu., with year to date total being 360 mbu, roughly half of last year. Estimates for corn's quarterly stocks average around 2.428 bln bu.
Soybeans are up roughly 6 cents so far this week, and have traded sideways since USDA's last report. Topics of interest have been China with some renewed optimism for an agreement. Trade sentiment is that they have filled there recent quota of purchases, but may still have more to go leading up to the October talks. Also of interest is the weather. Domestically, there have been on and off again threats of frost in the northern Midwest, and concerns over the lack of timely rainfall to begin planting in South America. Weekly export sales were 38.1 mln bu., 65% of last year. Estimates for bean's quarterly stocks average around 982 mln bu.