U.S. Crop Progress Report as of October 31
The Crop Progress Report showed corn harvest pace falling off a bit; 74% is now done, an eight-point gain on the week (average is 66%).
Soybeans also saw somewhat of a slowdown; 79% is now in the bins, a six-point gain on the week (average is 81%).
Cotton harvest, however, is catching up a bit with 45% of the crop done, a ten-point gain and only three points behind average.
Sorghum harvest is at 80%, ten points ahead of average.
Winter wheat plantings are 87% done, slightly ahead of average; 67% of the crop has emerged.
Wheat G/E conditions fell off one point to 45% (43% last year).
FBN’s Take On What It Means: Weather slowed corn and bean harvests, though corn is still ahead of average and beans are only slightly behind. It should be mostly open in the coming days for fieldwork. Wheat plantings are nearing done, and some of the crop should see some precipitation.
USDA Shows Lighter September Soybean Crush
The USDA released its monthly fats and oils report on Monday.
Soybeans processors crushed 164.2 million bushels of beans in September.
The average trade guess was 163.6 million bushels, with estimates ranging from 162.9 to 165.0 million.
September’s figure was down from August’s 168.3 million and 4% lower than last year’s 171.1 million.
Crush typically jumps sharply in October on newly harvested supplies; October 2020 saw 196.6 million bushels crushed, an all-time high for any month.
FBN’s Take On What It Means: It was the eighth-straight month in which crush ran below year-ago levels. However, oil stocks came in at 2.177 billion pounds, slightly below expectations, but finishing the marketing year well-above last year’s 1.853 billion. It is the highest ending in stocks in nine years. Crush margins continue to be good, and there’s been chatter around new EPA rules on biofuels, but nothing of substance yet.
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