Closing Markets: Corn: -6.25.
Beans: -2.50. Wheat: -9.50.
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 THIS WEEK!! 11:30-1:30 pm!
Come get a pork chop!
THURSDAY!! ~ Milmine
FRIDAY!! ~ 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-
Outside of meal, it was a turn-around-Tuesday today in Chicago, with most of the space closing lower after Monday's sharp rally on what was a slower day in terms of both news and volume. We talked about China a lot on Monday so won't continue to beat the dead horse, but it remains the fact that outside of the two ongoing wars, headline risk from the meeting this week has been the biggest influence on markets and we don't see this changing before Thursday amid a sluggish, wet start to the US harvest.
Corn Summary-
Corn futures closed lower on Tuesday, giving back some of Monday's rally on a light bit of farmer selling and as news throughout the day was generally limited. Yesterday afternoon's harvest update showed things progressing normally still despite all the chatter of wet weather and delays in the west over the last ten days or so, but its otherwise the ongoing wars and hopes for increased US corn buying by the Chinese as the result of this week's meeting that have continued to be the most talked about topics by traders. Risk leans bullish, but funds are already long and there is simply a lot of unknown present in the market today that needs to get sorted through before the next big price move unfolds.
Soybean Summary-
Tuesday trade was mixed in the soy complex, with the beans finishing quietly lower while the products saw spread activity that led to higher trade in the meal and lower trade in the oil. It was a slow day volume-wise here also, with nobody overly interested in taking on new positions ahead of Thursday's meeting between Trump and Xi. New soybean purchase agreements are not expected, but like we talked about yesterday, traders remain highly interested in overall dialogue between the two, as a souring in relations would seemingly be negative the odds that China continues its purchase pace towards the 25 MMTs of imports agreed to in May. Separately, harvest delays and the prospects of processor shutdowns in the north have continued to get air time this week, and have also led to a strengthening in basis levels for spot delivery in many regions as mentioned above.
Wheat Summary-
It was a quiet day in the wheat market Tuesday, with traders tuned into this morning's UN General Assembly meetings in New York City and whether anything would develop regarding the ongoing wars in the Black Sea and in the Middle East. Like corn, there's optimism that China secures US wheat as part of its $17 bil ag investment, but we would note that with production down this year, its not like the US has a giant surplus to export in the first place. Chinese demand on a political basis would be nice, but as we've talked about for weeks now, its supply flows out of Russia and Ukraine that continue to drive longer term price direction. Futures have backed off the highs, but its important to note that spot prices are still some $2/bu higher than where they were trading at this time a year ago.
Outside News Headlines-
Crude oil futures down $3.00+/bbl.
Weather Updates-
Five day forecasts are little changed this afternoon, with the models in good agreement on cooler temperatures being the focus for much of the Midwest this week, while rains are kept off to the north and west through NE/western IA and then up into the Dakotas and MN.
Extended forecasts continue to show a wet bias across a lot of the southern and central parts of the country into the first week of October, as southwest flow looks to dominate the pattern and keep these areas well-supplied with moisture.
While wetter, the models see temperatures returning to mostly above normal into the first part of next month, as cooler air seen this week is generally shoved back north. The EU is warmer in the eastern US than the GFS is, but both have above average temperatures likely for most all of the country.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
