10/22/19 8:00am
Weather continues to stall harvest progress. USDA weekly crop progress report showed corn harvest rating at 30% complete (expected 34% complete, 22% last week, 48% last year, 47% 5-year average). Soybean harvest rating at 46% complete (expected 42% complete, 26% last week, 51% last year, 64% 5-year average).
Brazil's soybean crop planting has progressed to 21% complete, this is below last year's 34% level as scarce rains delayed sowing work, according to AgRural. Although slower than last year, planting in Brazil is in line with their five-year average with above average planting in the state of Mato Grosso, the consultancy said.
President Trump said he thinks a trade deal between the United States and China will be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov. 16 - 17. "I think it will get signed quite easily, hopefully by the summit in Chile, where President Xi and I will both be," Trump said.
How many producers would sell corn today at $4.10 CZ19 futures? Can do that for next year. CZ20 at $4.10 is roughly $0.42 higher on average than they were trading this date over the previous 5 years.
Assume larger corn acres next year and a trend yield it’s not hard to imagine a carryout next year well north of the 2 billion bu mark. Informa has a working number on 20/21 corn carryout at 2,690 mln bu!
CZ20 against previous 5 years
