Early Market Talk October 30, 2019

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Markets lacking compelling news overnight resulting in little price change and a narrow range. At 0630 CZ19 a ¼ cent higher at $3.86 ½ in a $0.02 ¾ range. SX19 $0.01 ¾ higher at $9.20 in a $0.04 high to low range. Both showing typical overnight vol.

Harvest activity full swing across large part of the belt yesterday. Rains over eastern belt last night and this morning and snow moving through Iowa this morning put it back on hold.

Travels through a large swatch of NW Iowa yesterday and could count on one hand the number of soybean fields yet to be cut. Bean crop soon to be put away and bin doors closed.

SXSN back to within $0.01 of its widest level hitting $0.50 ¾ overnight. More focus on SFSN this morning with majority of hedges in the SF20 contract. First notice day against SX19 tomorrow.

CME has 1,144 contracts of soybeans registered for delivery with nearly all receipts in Chicago district.

Store /sell decision time hitting at many locations and witnessing modest farmer selling overall. Farmer looking at a cash soybean bid today nearly $1.15 better than a year ago.

Funds credited with buying 8K corn yesterday and now estimated net short 79K. Long 52K soybeans after selling 11K yesterday.

Originators continue to have producers look at CZ20 for marketing opportunities. A lot can change but at this point and with profitability attainable with various market structures, some action seems warranted.

Quick look at NC Iowa cash soybean crush calculation shortly.

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