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Early Estimates for USDA October Crop Report

Grains Mixed in the Overnight Session

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Grains were mixed overnight with no definitive movement from the overnight trade. In outside markets, a weaker than expected US payroll report pushed the dollar lower while equities recovered.

This morning USDA announced another sale of soybeans. This time 195,000 MT to unknown destinations.

Early estimates of USDA’s October crop report show traders expect a slightly lower corn yield and higher bean yield than USDA’s September data. A poll of analysts has corn yield at 173.5 versus Sept USDA at 174.4, while soybean yields are expected to climb to 51.5 from 50.6. The crop report will come out on Wednesday, October 12.

Showers in the Western Cornbelt yesterday slowed harvest progress but the next 5 days should be drier. The 6 to 15 day forecast shows some rain potential in the Midwest but little impact is expected for the crop getting harvested.

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