PDF attached

 

Morning.

 

Corn
futures are higher on higher wheat futures, corn/soy spreading, and a large increase in SK buying.  Soybeans are lower on US harvest pressure.  Offshore values this morning were leading CBOT soybean oil 11 lower and meal $0.30 lower.
US wheat futures are higher on a much lower than expected US winter wheat rating but 24-hour past precipitation shows improvement for the US Great Plains. 
USDA reported initial US winter wheat rating at 41 percent for the combined good and excellent categories, 11 points below expectation and lowest since the 2013-14 crop year (planted fall 2012) and compares to 56 percent last year and 53 percent average.
The KS rating fell one point from the previous week to 29 percent G/E, lowest for this time of year since at least 1989. 

 

 

 

 

 

 

 

Weather
and Crop Progress

 

 

 

 

MARKET
WEATHER MENTALITY FOR CORN AND SOYBEANS: 

            A
closer watch on southern Brazil rain distributions is warranted over the next few weeks due to La Nina which may lead those areas into a drier bias. For now, the environment is great for spring and summer planting throughout Brazil. Argentina’s recent rain
has bolster soil moisture favorably except in northern Cordoba and Santiago de Estero where there is need for more moisture. Planting, establishment and early season development in Argentina corn, sunseed and soybean areas should advance well with drier weather
that lies ahead.

       
    Good harvest weather is also expected in India and China while some rain in eastern Australia will be good for summer crops and a little late season canola. South Africa will get better rain this weekend and next week to improve planting conditions.

            In
the U.S., weather will not be quite so good with additional rain and snow prolonging delays to harvesting in the Midwest, Delta and southeastern states this workweek. Weather conditions should improve this weekend and next week. Some additional wet weather
is expected in southeastern Canada, too, prolonging field working delays there as well.

            Overall,
weather today will contribute a bearish bias to market mentality.

 

MARKET
WEATHER MENTALITY FOR WHEAT

            Significant
moisture in U.S. hard red winter wheat areas this week will greatly ease the worry over dryness and change the long-term outlook for that crop. Warming this weekend and next week through the first half of November should induce better crop establishment and
general conditions.

Showers
in Russia’s Southern region late this week and early next week will induce some improvement along with a few eastern Ukraine locations, but the changes are not going to be dramatic.

            China
and India weather remains good and that in Australia seems to be favorably mixed, despite worry over crop quality.

            South
Africa winter crops are rated mostly good and Brazil still has an excellent wheat crop coming along. Argentina’s recent rain has improved its winter crop production potential.

            U.S.
Midwest soft wheat is a little too wet and needs to dry down and that may come along late this week and into next week, but more rain and some snow will occur until then.

            Overall,
weather today will contribute a bearish bias to market mentality.

Source: 
World Weather Inc. 

 

Bloomberg
Ag Calendar

Tuesday,
Oct. 27:

  • Virtual
    Palm Oil Conference, day 1
  • EARNINGS:
    WH Group

Wednesday,
Oct. 28:

  • EIA
    U.S. weekly ethanol inventories, production, 10:30am
  • Virtual
    Palm Oil Conference, day 2
  • HOLIDAY:
    Indonesia

Thursday,
Oct. 29:

  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • Port
    of Rouen data on French grain exports
  • Vietnam’s
    General Statistics Office releases commodity trade data for October
  • International
    Grains Council monthly report
  • EARNINGS:
    ADM
  • HOLIDAY:
    Indonesia, Malaysia

Friday,
Oct. 30:
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