Closing Markets: Corn: -1.
Beans: +9.50. Wheat: +4.
TFG Customer Appreciation Lunches are on!! 11:30-1:30 pm!
Come get a pork chop!
TOMORROW!! ~ CISCO
THURSDAY! ~ 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!
The Sadorus 4H all stars will be selling BBQ meals and baked goods Sunday, 10/4 from 11am-1:30pm in Milmine
State Bank of Bement will be passing out Harvest Bags Thursday, 10/8 from 1:30-3:30pm in Monticello & LaPlace
State Bank of Bement will be passing out Harvest Bags Friday, 10/9 from 1:30-3:30pm in Milmine
The Prospect Baseball Team will be selling sandwiches Saturday, 10/10 from 10am-2pm in Pierson
State Bank of Bement will be passing out Harvest Bags Wednesday, 10/14 from 1:30-3:30pm in Bement
United Prairie will be serving lunch Friday, 10/16 from 11am-1pm in Pierson
Good evening!
Market Recap-
Monday's sell off in the ag space to start the week yesterday didn't see a lot of follow through during the day today, as grain and soy markets closed mostly mixed and in light volume on what was a more two-sided, directionless affair for the most part. The dust has largely settled on last week's China happenings, but it’s now tomorrow's quarterly stocks updates and next week's October WASDE, along with ongoing harvest progress, that has the trade's attention. The bull camp needs something new to chew on to extend the longer-term ag rally.
Corn Summary-
There was little if anything new in the corn market on Tuesday, with prices closing marginally lower after trading on either side of unchanged throughout the day amid the same general harvest reports and nothing of note regarding either of the wars still taking place on the other side of the other world. Yields have been down from last year for the most part, but are seemingly coming in where most had more or less expected following a less-than-perfect growing season, which has limited the upward price reaction to this point. However, the USDA will take another pass at its yield estimate next week, and the market cares more about what they say than it does chatter from the farmer/elevator.
Soybean Summary-
Bean futures clawed back a bit of the selling seen on Monday, finishing the day higher but without much vigor ahead of another USDA data day on Wednesday. Basis volatility on the cash side of the market has continued this week amid more ongoing harvest delays in the west, but there wasn't a lot new today otherwise as traders are juggling the winding down of the US growing season and the ramping up of the South American growing season. El Niño has not been much of a factor at all to this point for early planting efforts, but record fund length at present is at least in part due to the potential for problems to arise later this fall and winter. High global energy prices have spurred a lot of extra demand for feedstocks for biofuels around the world, which means the global balance sheet cannot afford a hiccup in production from the world's largest producer.
Wheat Summary-
Wheat futures closed higher in the front months than it did in the deferreds on Tuesday, though it was a mostly quiet day throughout the whole of the market on limited fresh new headlines out of the Black Sea and as there continues to be little that is influencing prices otherwise. It’s a back burner story for sure, but the rains across the Plains and western Corn Belt of late and due this week have been a benefit for the winter wheat crop, with notable boosts in soil moisture levels seen over the last couple weeks. Its early, but the crop should get off to a decent start in most areas which is good amid the record low planted area.
Outside News Headlines-
Crude oil futures down around $3.00+/bbl.
Weather Updates-
Models continue to see potentially heavy rainfall impacting a lot of the southern and central US over the next few days, with totals varying by model but ranging anywhere from 1-5" and possibly more in some local areas. Elsewhere, things look to stay drier to the north through the Dakotas and MN, while rains look to expand through the southeast and up the East Coast by the weekend.
Warmer air looks to linger across a lot of the Midwest for another day or two, but then forecasts have things cooling back off by the end of the week and into the weekend as heat is shoved back west.
Beyond this week, there's still good model agreement this afternoon on a drier pattern emerging, as the broader ridge/trough pattern blocks up more high pressure across the western and central US that pushes moisture back further north.
It’s way too far out for any confidence, but the models then keep the progressive pattern intact into the following week, with another large trough seen digging into the eastern US by the middle of that week, turning things back cooler and wetter into mid-month.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
