The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
The Grain Hedge Team provides a macro-focused daily view of the world’s grain markets. Kevin McNew received a bachelor’s degree from Oklahoma State University and his master’s and Ph.D. degrees in Economics from North Carolina State University. He spent 10 years as a Professor of Economics with the University of Maryland and Montana State University focusing on commodity markets and is widely regarded for his ability to boil-down complex economic situations into easy-to-understand concepts for applied life.
In the overnight session the grains were mixed with December corn up 1 cent, November soybeans down ¼ cent and December Chicago Wheat up 2 ¼ cents. Scattered rains helped southern Minnesota, northwest Iowa, Indiana and Michigan yesterday with more precipitation expected today. The heaviest rains are expected to fall this evening in the Dakotas and Minnesota. The rain is coming at a time where it will have marginal benefit to the overall corn and soybean crop. Freeze risks remain low over the next two weeks.
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The latest crop progress report showed that corn is 7 percent harvested compared to a four year average of 11 percent. Corn conditions held steady in all categories with 62 percent of the crop rated good-to-excellent. Soybeans were 4 percent harvested with a good-to-excellent rating of 59 which was down 1 point from last week.
There were a couple international tenders announced recently. The first was a South Korean tender to purchase up to 70,000 metric tons of corn from optional origins and the second being Egypt’s GASC to buy an unspecified amount of wheat for shipment between Oct 21st-31.
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