Commentary 10/18/16

CORN

UNCHANGED

very little news in corn today again. some reduced export numbers and bans on US DDG’s account for any gains today, as Brazil maybe looking for more ethanol in the year to come.

Bloomberg Trader Bias:  Bullish, 35% TW, 15% LW,  Bearish, 35% (50% LW), Neutral 30% (35% LW)

Last week’s CROP PROGRESS:

US HARVESTED: 46% THIS WEEK,  35 % LAST WEEK, 54% LAST YEAR, and 49% AVG

IL HARVESTED:  73% THIS WEEK,  62 % LAST WEEK,  81% LAST YEAR, and 63% AVG

 

BEANS     

DOWN 5 3/4

big sale of beans made today to china, but funds took their share today! we were +$.05 at one time and then finished -$.05 today.

Bloomberg Trader Bias:  Bullish 25% TW (15% LW), Bearish 60% (60% LW), Neutral 15% TW (25% LW)

Last week’s CROP PROGRESS:

US HARVESTED: 62% THIS WEEK,  44 % LAST WEEK, 73 % LAST YEAR, and 63% AVG

IL HARVESTED:  58% THIS WEEK,  39 % LAST WEEK,  81% LAST YEAR, and 63% AVG

 

Wheat

Down 3 3/4

lack of wheat news…followed the corn and beans today.

Bloomberg Trader Bias:  Bullish 25% TW (15% LW), Bearish 60% (30% LW), Neutral 15% (55% LW)

Last week’s CROP PROGRESS:

US WINTER WHEAT PLANTED:  72% THIS WEEK, 59 % LAST WEEK, 73% LAST YEAR, and 73% AVG

IL WINTER WHEAT PLANTED:  43% THIS WEEK, 20 % LAST WEEK, 57 % LAST YEAR, and 50% AVG