USDA showed that harvest progress as of Sunday October 18 went from 13% to 17% harvested. The trade had expected USDA would show harvest progress closer to 20% complete. Harvest continues to creep along at a snails pace. The grain markets are definitely bulled up at the moment and whether there are solid fundamental reasons behind all of it does not really matter at this point.
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Weekly corn export sales took a hit this week with only 9.2 million bushels of old crop corn reported as sold. This falls well below the 31.8 million bushels needed to reach the USDA estimate of 2.15 billion bushels. Trade estimates prior to this week's release of export sales were considerably higher.
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Exports Recap
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With more delays in harvest and frost in the news, the trade continues to sort out the fundamental picture in corn and soybeans, while the technical picture is certainly a lot brighter than it has been in a long time. By looking at the chart below, you can see that December corn saw a downtrend line broken and the old high of $3.76 made in August both have been taken out.
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Full Article
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The long standing perception has been, if the dollar is weak then corn importing countries will buy more than if the dollar was stronger and limiting their buying power.
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