CBOT News Oct 27,2009

Morning Comment and News

December corn was 1 cent lower late in the overnight session.

• Pre-Opening Corn Market Report for 10/27/2009 (CME group)

The December wheat contract was 3 1/2 cents lower overnight. Outside markets were mixed with the dollar marginally lower late overnight.

• Pre-Opening Wheat Market Report for 10/27/2009 (CME group)

January soybeans were unchanged late in the overnight session. Outside markets including the dollar, equities and crude oil were modestly supportive late in the overnight session.

• Pre-Opening Soy Complex Market Report for 10/27/2009 (CME group)
  

Bryce Knorr from Farmfutures...He said corn and soybean should open a bit better but wheat may lower. The detail was in link below.....

• Futures try to hold the line against further selling this morning, after sharp declines across the board on Monday. While yesterday’s selling had more to do with the dollar than crop fundamentals, volatile swings continue to be the rule, not the exception...(Farmfutures)

Rain still delayed harvest for US corn and soybean.......

• Data showing another week of slow progress in the rain-hampered US corn and soybean harvests, coupled with a slight weakening in the dollar, put a halt to the collapse farm commodity prices.....(Agrimoney)
• The latest crop/weather report by the Wisconsin Ag Statistics Service notes that fieldwork, harvesting and winter wheat planting were all delayed by the heavy precipitation during the past week. Across the reporting stations, rainfall ranged from 1.47 inches in Madison to 2.86 inches in La Crosse; and average temperatures ranged from one degree above to two degrees below normal....(Wisconsin Agconnection)
• The U.S. corn and soybean harvests continue to plod along, with minimal progress made as of Sunday after another week of soggy Midwest weather....(Commodity News)
• October has been a slow month for farmers harvesting the last of their crops. Only 2.4 days last week were fit for field work across North Dakota, according to the U.S. Department of Agriculture’s weekly crop progress reports.....(Agweek)

Good export for US soybean this year....

• U.S. soy exports set a record for the third consecutive year with exports of 1.56 billion bushels for the Marketing Year 2009. Whole soybean exports totaled 124 billion bushels and soybean meal exports equaled 318 million bushels. The U.S. Department of Agriculture (USDA) estimates that exports equaled 55 percent of the soybean crop harvested in fall 2008....(Wisconsin Agconnect)

World Production of Soybean still good position...

• Planting progress in Brazil is going in the opposite direction with sources there indicating that up to 20% of the crop has been planted nationally and more than 45% in the biggest soybean-producing state of Mato Grosso. Planting is also in full swing in neighboring Argentina. Conditions are generally favorable in both countries although more rain would be welcome in much of Argentina and in Mato Grosso. (CME group)
  

• Egypt, the world's largest wheat importer, aims to be 75 percent self-sufficient in wheat in 10 years, up from 55 percent now, an Egyptian Agriculture Ministry official said on Tuesday....(Wisconsin Agconnection)