FOR MONDAY: (11/7) Expecting that harvest pressure on Sunday will continue to press grains although they are holding up fairly well. I suspect we can still be short 2-3 more days before short-covering before the USDA report hits.
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%.
On 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
