Market Update for Oct. 27, 2017

Ben Potter said corn has hovered around $3.50 all week. (audio)

Corn has hovered around $3.50 all week. The USDA Crop Progress report probably helped the market as 38% of crop has been harvested according to USDA, versus the 59% average.

Soybean harvest progress at 70% has nearly caught up to five-year average of 73%. Soybean prices have lost 10 cents since Monday.

Wheat has seen more price pressure as the U.S. dollar has continued to strengthen over the past five weeks.

Dow soared to more than 23,000 points on prospect of tax cuts, though there are mixed feelings about the proposed cuts.

A killing freeze is on the way for large chunk of Midwest tonight. Temperatures are dipping to lowest since April.

It will be interesting to see how much harvest progress has happened this week with another week of good harvest temperature behind farmers across most of the Corn Belt.

Winter wheat is more than 50% emerged, with 75% planted.

USDA Under Secretary Ted McKinney is going to India on a trade mission Oct. 30-Nov. 2.

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