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Corn harvest as of Sunday, October 20th seen at 65% complete, compared to 47% last week and the five-year average of 52% (fastest pace since 2010). Soybean harvest seen at 81% complete, compared to 67% last week and the five-year average of 67%.
Winter wheat planting advanced 9% to 73% complete. The 5-year average on winter wheat planting for this week is 76%. Winter wheat emergence was seen at 46%, slightly behind he five-year average of 50%.
Export data was decent today, with good inspections for corn and soybeans, and a whack of corn flash sales including: 169,926 mt to Mexico, 130,000 mt to South Korea, and 198,192 mt to unknown destinations.
Chinese lenders lowered their benchmark rate on 1-year and 5-year by 25 basis points; in an attempt to, spur activity in the economy. Stimulus news out of China lately has been reflected by the soybean sector catching a short-term bid in the session following.
Today was expected to be buying across the board. Processors, importers, and feeders are likely taking advantage of the recent drop in commodity prices to add coverage to their book.
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