8:45 AM Market Direction:  Corn down 4, Beans down 3.  

Grains and oilseeds start the week mostly in the red with Nov soybeans ticking just firmer. Volume was solid for a Sunday night session.

Brazil received better rains this past weekend.  Debate beginning on how many bean acres Brazil will plant this fall. USDA has them up 1.7 million hectares at 38.6, one of the larger year-to-year increases in some time. That’s double the average annual increase of 960,000 hectares over the past 5 years.

T-storm Weather®: Intense cold continues through Tue. in U.S. Plains, leaving HRW wheat areas below freezing through then, including record-setting lows for entire month of Oct. in many areas as temps reach 0s & 10s today & Tue.—an incredible -35°F to -50°F from normal. Light to moderate snow continues to-day across central & southern Plains; 1”-3” of accumulation. Otherwise, 0.50”-1.50” of rain affects south-east third to half of Corn Belt through Wed. Drying then follows & lasts for at least 7-10 days.

U.S. corn harvested in today’s USDA Crop Progress report is expected at 72%, which is up 12 points from last week. This is also sharply above the 38% pace of last year and would be the fastest since 2015 (74%).

Friday’s COT report showed managed money adding to its net length.

Russian wheat has received some improved rains though concerns remain.

U.S. COVID-19 cases hit record high, turns stocks lower.  WALL STREET: Lower–DOW futures, -267; S&P, -32.5; NAS, -91.25

Spread changes are muted thus far today. Friday saw select basis weakness in some markets. With Friday’s FND, can basis break enough to let Nov deliveries become more likely?

Look for a choppy day as we sort out late harvest weather and cash markets.

US COVID-19 cases hit record high; hammers stocks.

Mixed/colder weather for the week.

Harvest progressing at fastest pace since 2015.

Corn - $3.88 Spring    

Beans - $9.17 Spring