September 10th, 2019 Commentary by Ashton

Good morning! Corn, soybean and wheat markets are higher this morning on delayed progress and weakening corn conditions. 

The Good/Excellent rating for corn declined 3 points to 55% this past week. Illinois dropped 8 points to 38% G/E.11% of the crop is estimated to be mature, compared to the 5 year average of 24%. Percent harvested will be included in next week’s report. Soybeans were 55% Good/Excellent, unchanged from last week. 92% are setting pods compared to the 99% average for this date. The “Dropping Leaves” estimate will be included next week.

USDA announced details yesterday of their disaster aid program (WHIP+) covering various disasters that have occurred over the last two years. Signup begins September 11th.

Not much else for the time being- have a great and safe day!

Dec/Mar Spread:
Corn: 12 3/4 carry.
Nov/Jan spread:
Soybeans: 14 carry.

Afternoon Update:
Corn, soybean and wheat markets closed higher on weak conditions, progress and Fund short covering. Reports China may purchases more U.S. ag goods and improving trade relations aided prices in slow trade.

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