Closing Markets: Corn: -3.
Beans: -16.25. Wheat: -12.75.
TFG is offering our drying incentive at ALL LOCATIONS through the end of day TOMORROW!
2 1/2 cents per pt of moisture up to 30%. Regular rate above.
Harvest hours will be used as needed!
TFG Customer Appreciation Lunches start NEXT WEEK!! 11:30-1:30 pm!
Come get a pork chop!
9/24 ~ Milmine
9/25 ~ Tabor
9/28 ~ Pierson
9/29 ~ Emery
9/30 ~ Cisco
10/1 ~ Johnston Siding
The United Church of Atwood will be serving pork chop lunches Saturday, 10/3 from 11am-1pm in Pierson by free-will donation!
Good evening!
Market Recap-
Grain futures closed the week out on a softer note with expected harvest activity and nervousness about this weekend's trade meeting pushing some of the fund money to lighten positions. Meal led the decline for the oilseed complex. For the week, December corn closed 2 3/4 cents lower, November beans were 7 cents higher, and December Chicago wheat was down 11 cents. Rain is moving through the Midwest today and more is expected over the weekend. This will keep harvest progress choppy. Any updates from the pre-summit trade meeting and/or changes to either war headline will set the tone for opening markets on Sunday night.
Corn Summary-
Corn remains range bound as the trade awaits for more harvest data. Early yields in southern Illinois are good, but more variability is expected as harvest moves north. There has been very limited activity in Iowa, IN, and OH. Corn continues to partially follow wheat, which had a poor finish to the week. The balance sheet remains supportive for corn futures, while the already large fund long position provides resistance. Confirmation of yields, either better or worse than the USDA, are needed to push futures out of this recent range.
Soybean Summary-
Soybeans finished on a weak note to end the week as the funds liquidated some of its large net long. The producer has been an active seller of early bean harvest and that contributed to some harvest pressure for a Friday. Some nervousness ahead of the pre-summit meeting pushed some length to the sidelines as well. Volatility for the oilseed complex is expected to be heightened in and around the China visit next week.
Wheat Summary-
Wheat futures remain volatile with daily changes influenced by the Black Sea war headlines. Grain and energy shipments out of that region continue to be minimal. The U.S. wheat balance sheet is tight compared to prior years, but that is more of a function of smaller production, not greater exports. The final wheat production figures will be released in the small grains summary on September 30th.
Outside News Headlines-
Crude oil futures down around $1.10/bbl.
Weather Updates-
Rain is moving through the Midwest again today, favoring the north half of the Midwest. This system will push through IN and OH later today. More rain is slated for this whole northern region over the weekend.
Temperatures will be warm through Saturday, when a weather system brings through cooler air. Highs next week in parts of the Midwest will be in the upper 60s.
The extended forecast continues to call for a warmer profile for most of the U.S. into early October. The Midwest will start to dry out late next week. Closer to the first of October, the western belt advertises for above normal precip, while the eastern belt will be normal to below.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
