Opening Market Podcast 10-12-26 - Greg McBride Allendale

And now we have to move forward.

We've obviously been seeing combines rolling in earnest now in Iowa and parts of the Midwest that had been inundated with rain through the end of September and even into the beginning of October.

I mean, how much is the market weighing on that? Of course, we have a weekly update here, a progress report coming up this afternoon.

Do you think we're going to see some pleasantly surprising numbers or at least things getting closer back to normal?

I think we'll be getting closer to back to normal.

Last week, once the rains kind of abated, we had quite a bit of harvest movement there.

I think you'll see a bigger jump on the soybeans than you do on the corn.

Corn will still move forward like it typically does, but I think it seems like the soybeans, there's a lot more producers that are out there getting the soybeans while it's fit ahead of some of these additional rains that are coming in.

And that's a situation where some of those soybean numbers are actually coming in better than expected and coming in at a near record yield.

So that'll be something to continue to watch here.

And when you look at what's coming up for this market, we know that South America is planting currently, but they're a mile away from where we're gonna see any kind of yield determination conversation.

But if the El Nino situation does start to play in, that could be a situation where there is too much rain in some of those areas.

Southern Brazil and northern Argentina do typically, during an El Nino, get excessive rain.

So that could be a production issue into itself.

And now we have to move forward.

We've obviously been seeing combines rolling in earnest now in Iowa and parts of the Midwest that had been inundated with rain through the end of September and even into the beginning of October.

I mean, how much is the market weighing on that? Of course, we have a weekly update here, a progress report coming up this afternoon.

Do you think we're going to see some pleasantly surprising numbers or at least things getting closer back to normal?

I think we'll be getting closer to back to normal.

Last week, once the rains kind of abated, we had quite a bit of harvest movement there.

I think you'll see a bigger jump on the soybeans than you do on the corn.

Corn will still move forward like it typically does, but I think it seems like the soybeans, there's a lot more producers that are out there getting the soybeans while it's fit ahead of some of these additional rains that are coming in.

And that's a situation where some of those soybean numbers are actually coming in better than expected and coming in at a near record yield.

So that'll be something to continue to watch here.

And when you look at what's coming up for this market, we know that South America is planting currently, but they're a mile away from where we're gonna see any kind of yield determination conversation.

But if the El Nino situation does start to play in, that could be a situation where there is too much rain in some of those areas.

Southern Brazil and northern Argentina do typically, during an El Nino, get excessive rain.

So that could be a production issue into itself.