Tuesday October 27, 2020

• Markets on the green side of unchanged this morning
• Corn and soys tested new highs earlier this morning – wheat has a reason to come back from yesterdays losses after the initial winter wheat crop ratings came in worse than expected
• Brazil’s 2020/21 soybean planting progress reported as 23% complete as of Thursday – up 8% on the week but still behind last years pace of 31% complete 
• European Unions crop monitoring cut their estimates of the 2020 E.U. summer crop yields 
  • Corn cut from 124.75 bu/ac to 118.22 bu/ac 
• U.S. harvest progress
  • Corn now 72% complete – well ahead of last years 38% and the average of 56% complete
  • Soybean harvest 83% complete – again ahead of last years 57% last year and average of 73% complete
• Initial U.S. winter wheat ratings came in lower than expected
  • Planting 85% complete
  • 41% of the crop rated good/excellent – average trade guess going in was 52% g/e 
    • Lowest initial ratings since 2012/2013
• Only one week away from U.S. election and wall street is nervous about the risks of a potentially contested election 
  • Biggest risk for the markets in the near term is that it will take weeks to settle the election