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Market Commentary

Early Call 10/17/18 for Oct 17, 2018
This market commentary is for informational purposes only. The views and opinions offered in the report are solely those of Bunge Limited and its subsidiaries ("Bunge"). Bunge is not a futures broker and this is not an offer to buy or sell any commodity or futures contract. The information contained in this commentary has been obtained from sources believed to be reliable but is not necessarily all-inclusive and is not guaranteed as to its accuracy. Persons acting on any information contained in this commentary are responsible for their own actions.
Good morning,
Overnight trade:Corn is down 1.25 cents, Chicago wheat is down 5.25 cents, beans are down 1.75 cents, meal is up 10 cents, and soy oil is up 7 points. Corn spreads are mostly unchanged, Chi wheat spreads are slightly weaker, bean spreads are mixed, and board crush is firmer across the curve.
Continued trade theme from yesterday, giving back some of the gains witnessed Monday. Reports are continuing to show that Brazil is at a record planting pace, with AgRural reporting that 20% of the intended beans had been planted by the end of last week. This rate is 10% greater than the 5 year average. While planting is off to a great start, and the forecasted weather in most growing regions seems to be a non-threat for the foreseeable future, forward selling on behalf of the farmers in Brazil has slowed down tremendously. The main reason behind this has to do with the uncertainty regarding the upcoming presidential election and the effect it has on Brazil's currency. Since mid September the Real has strengthened ~ 10.75% versus USD, while at the same time sh19 has appreciated ~8.3%, so only considering futures prices we can see nominal futures prices have not kept up enough to offset the strengthening Real. The outcome of this election and it's effect on the Real should set the tone for farmer selling and will have a notable impact on cash availability. 
http://www.soybeansandcorn.com/news/Oct17_18-Forward-Selling-of-Soybeans-in-Brazil-Grinds-to-a-Halt
Have a nice day.
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