Early Market Talk November 1, 2019

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Corn market giving up ground this morning but still positive for the week. At 0600 CZ19 off $0.01 ¼ at $3.88 ¾. SF20 trading $0.01 ¼ higher at $9.33 ¼ and makes it a penny lower on the week. Both markets little changed for the month.

Dow futures 30 pts higher at 27,013. Crude trading $0.19 higher at $54.37. US $ Index a scratch lower. Soybean deliveries overnight at 1,426 contracts. JP Morgan (Cargill) stopped all. Deliveries down from the 1,659 yesterday.

SFSH, SFSK and SFSN needs to be considered on hedge inventory. Substantially different market structure could radically change current picture.

Mostly dry weather expected across the corn belt through early next week. Latest 6–10 and 11-15 day forecast also shows precip to remain below normal across the belt. Temps expected to remain below normal through this period as well.

FCStone crop survey results later this afternoon. Slew of trade guesses next week with USDA on Friday. Bias leaning toward a reduced bean yield once more.

Soybean carryout currently at 460 mln bu could ultimately slip closer to 300 mln bu?

Trade officials working toward rescheduling canceled talks with China originally scheduled for later this month in Chile. Chile has a huge civil mess on its hands.

Range bound trade continues……………………..

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