USDA crop report:

https://release.nass.usda.gov/reports/prog4318.txt

No big changes to the grains.

Corn 39% harvested vs 36 average

Beans 38% harvested vs 53...........behind because of all the rain earlier this month.

Winter wheat close to average planted and emerged for this date.

Cotton deteriorated slightly. The VP was +2%(mainly from panhandle area freeze/wet weather) but the Excellent was also +2%(also mainly in TX which saw +4% in the excellent category).

The Georgia crop actually improved. 5% came out of the P/VP category and moved up to Fair.  After assessing the damage, apparently it wasn't quite as catastrophic but improving from 54% P/VP to  49% P/VP  is still catastrophic on any scale.

Export inspections:

https://www.ams.usda.gov/mnreports/wa_gr101.txt

Good for beans, ok for corn, weak for wheat.

Soybeans 10 year charts below.

Low for SX last month was 812.25 in September but we bounced back up from wet weather damage and the surprise Oct. USDA report(slight cut in production), then the short covering spike ran out of steam early last week with long lasting dry weather in the forecast then!  Current price is $858, 46c off the lows but $2.02 off the $10.60 highs at the end of May. Did we make an early season low?

 Harvest pressure with dry weather has been a negative for over a week. It will turn wet again in week 2 and seasonals have usually bottomed here.   

Tariff news is an extreme wild card.

Soybeans: Wider perspective: Currently still close to 10 year lows !!!!!

Charts November contract.

Soybeans 6 months below......bottom in??? 

Corn

CZ  made new lows on September 18th  at 342.5 but bounced back on bad harvest weather and a cut in production on the October USDA report. Now, the weather has dried out for over a week..........but will get wet again in week 2.  Currently, the price is around 369.  Now 26c off the lows but 59c off the late May highs. 

Lows are likely in. 

6 month below December  contract