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COMMODITY MARKET MOVEMENT ON CBOT – October 12, 2020

Admin - 13/10/2020

COMMODITY MARKET MOVEMENT ON CBOT – October 12, 2020 

Weather: Most parts of central U.S. should expect no measurable rainfall between Tuesday and Friday. Areas that do see some measurable precipitation may only see 0.25" or less. NOAA's 8-to-14-day outlook predicts seasonally wet, cool weather for large portions of Corn Belt. 

 

General: Soybeans saw the most severe cuts, with export worries and harvest pressure weighing heavily on the market. Wheat contracts fought through a choppy session with mixed results. CBOT futures moved nearly 0.5% higher, Kansas City HRW futures dropped about 0.6%. 

 

SOYBEAN.
USDA offices were closed for Columbus Day, pushing the Crop Progress report and any potential export sales announcements to tomorrow evening. The trade is expecting it to show harvest 50-55% complete and provide the last look at condition ratings. National soybean PP was 1.476 million acres as reported on October 1, an additional 25k acres from the last report. USDA also noted 81.854 failed acres of 2020 soybean crops. 

CORN 

With USDA closed, there were also no export sales announcements. National corn prevented planting (PP) was 6.177 million acres as reported on October 1, an additional 99k acres from the last report. On Friday, USDA lowered production by 178 mbu via a 0.1 bpa yield cut and lower harvested acres. USDA also noted 88.212 failed acres of 2020 corn crops. Taiwan issued an international tender for 65k MT of optional origin corn.  

 

WHEAT 

French soft wheat planting was reported at 6% complete as of 10/5. Despite several crop problems around the world, USDA estimates that global wheat stocks on June 1 will still be a record large 321.45 MMT.  

PRICE MOVEMENT ON CBOT OCT 12 

 

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