Afternoon comments 9.27.19
Corn down 1 @ 371 1/2 | Beans down 5 1/2 @ 883-
Another relatively quiet week in soybeans. Nov beans finished the week up just 1/4 of a cent. Brazil's Mato Grosso region is expected to have widespread rains next week which should accelerate planting. A chinese delegation is expected to come to D.C. October 10, ahead of the October 15 deadline for raising tariffs. Monday's September 1 stocks report will be released at 11a. Average estimate for soybean carryout is 981 mln bu. vs 1.005 bln bu. reported in the latest WASDE.
Corn was rather quiet this week as well. Dec corn finished just up 3/4 of a cent. There is little news to report other than the seemingly typical weather and demand concerns, which have been the primary drivers. The forcast for the primary corn belt has turned warmer which will aid the maturity, and there is still a chance of colder air moving into the northern and western parts of the Midwest. Average estimate for corn carryout is 2.418 bln bu. vs 2.445 in the latest WASDE.