Feed Ingredients Report: Week Ending Nov. 2, 2018

Weekly Average Price History

Week	Corn	Soybeans	Wheat SRW
Oct. 29, 2018	3.67	8.51	5.05
Oct. 22, 2018	3.68	8.50	5.02
Oct. 15, 2018	3.73	8.76	5.19
Oct. 8, 2018	3.67	8.62	5.13

• Corn harvest is now 63% complete nationally, matching the 5-year average, remaining well ahead of last year when 52% of the crop had been harvested. Corn harvest remains well ahead of schedule across most of the southern and eastern Midwest, particularly in Illinois and Indiana, while lagging behind the 5-year average across the western Corn Belt, particularly in the Dakotas, Nebraska, Iowa, and Kansas.
• Soybean harvest is 72% complete nationally, remaining behind the 5-year average of 81% and last year at 81%. Soybean harvest continues to lag well behind the 5-year average across the Plains, western Midwest, and the northern Delta, particularly in Kansas, Arkansas, South Dakota, Nebraska, and Wisconsin. Harvest is ahead of the 5-year average in only North Carolina, Indiana, Illinois, and Kentucky.
• USDA Secretary Purdue indicated on Monday that there’s no plan to extend tariff-based aid in 2019, but rather the market would re-allocate acreage.
• CME Group has seen the biggest jump in agricultural average daily volume since at least 2008, thanks to the U.S.-Chinese trade dispute and droughts in Europe and Australia. “I don’t think anybody anticipated the way the year would play out,” said Tim Andriesen, managing director of agricultural commodities.
• Export sales generally remain lackluster and on the low side of estimates as trade wars and cheaper alternative source grains are hurting U.S. crop sales. Wheat sales were best, coming in at 21.4 million bushels on the week. Corn sales were awful (again) at just 15.7 million bushels and soybean sales were slow at 16.7 million bushels. Oilseed product sales were fair with strong oil sales of 22,300 tons and meal sales were robust at 321,700 tons. YTD, wheat sales are down 15.5%, corn sales are up 28.2%, soybean sales are down 29.2%, meal sales are up 15% and oil sales are up 33.9%.

Weekly Spotlight

The feed category remains the highest use sector for U.S. corn. Poultry remains the leader in feed consumption in the U.S.