FOR FRIDAY: (11/4) There’s a volatile cycle for Friday. Last year it went lower but we have seen it go wildly up some years so watch for unexpected news and wild ranges. Given harvest pressure, any rallies continue to need to be sold.
The 6- to 10-day outlook favors warm, dry weather next week, which would allow for a rapid finish to the harvest, which as of Sunday was 75% done. The 75% matched the five-year average but was behind last year’s 82%.
Next Tuesday, USDA will update its crop production and yield numbers. Private firms expect a minor reduction a corn crop then of 15.052 billion on an average yield of 173.3 bpa. USDA currently is at 15.057 billion and 173.4 bpa.
