Closing Markets: Corn: -7.75.
Beans: -7.50. Wheat: -8.75.
TFG Customer Appreciation Lunches start TOMORROW!! 11:30-1:30 pm!
Come get a pork chop!
TOMORROW!! ~ 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-
It was another day of risk-off across the CBOT on Wednesday, with selling again present across both the grain and soy markets on what seemed to be optimism surrounding a ceasefire in the Black Sea and amid alleged progress with Iran, though there still hasn't been much in the way of hard progress on either front. President Xi is expected to touch down in Washington D.C. later this afternoon, and is going to garner most all of the trader focus between now and the end of the week. Headline risk, while already elevated, will be abundant the next couple days.
Corn Summary-
Corn futures closed lower for a second straight day on Wednesday, now erasing most all of the gains seen on Monday as there continues to be some sort of optimism across the grain markets in general that wars in the Black Sea and Iran are closer to an end than not. We aren't quite sure as to the validity of this optimism, but at the very least its produced some measure of long-liquidation the last couple days that has led to the downdraft in prices. Crop fundamentals in the form of disappointing early yields remain friendly, but amid record fund length and the considerable amount of risk present the next couple days, recent sessions seem to have simply been a measure of position adjustment as opposed to any sort of broad-based theme change.
Soybean Summary-
Trade was mostly lower across the soy complex on Wednesday, with cash market happenings and the looming China meeting continuing to dominate most all of the chatter. Basis bids, especially in the west, have been climbing all week on a lack of new crop supplies caused by the wet weather, and this has spurred discussion of processor downtime that isn't necessarily well-received with margins being what they are. Drier weather that would allow harvest to get rolling would be a major help, but at least through next week, it doesn't appear that the forecast has a lot of that in it. Otherwise, while any sort of new deliverables aren't necessarily expected, it will be news flow out of the China meeting that drives price direction into the end of the week, with the net-long fund position at least in part the result of optimism surrounding the proceedings.
Wheat Summary-
Wheat futures were generally seen as the downside leaders in the space on Wednesday, with sentiment similar to that of the corn market as far as selling being the result of optimism surrounding ends to the two ongoing wars. Comments out of both Russia and Ukraine seem to be contradictory to media reports on the matter, but as we've said before, watch what they do and not what they say, and what they've been doing has been continuing to lob missiles and drones at export and energy infrastructure.
Outside News Headlines-
Crude oil futures up around $2.00+/bbl.
Weather Updates-
There continues to be good model agreement on expanding rainfall through the southern and central parts of the US over the next week or so, with 1-4" generally expected for an area stretching from northwestern Mexico to MN and the Canadian border over the next seven days.
Areas east of here though look to stay on the drier side, with the models also in decent agreement on some sort of high pressure continuing to linger across the northeast while troughs are present both off the East Coast and across western Canada.
Extended range ensembles have continued to have issues with the coming pattern shift, but the lean by most forecasters is that broader troughing off the West Coast and southern CA will keep flow out of the southwest, which will keep much of the southern US wet amid the presence of plenty of moisture due to the abundance of warm water both in the Pacific and in the US Gulf.
Temperature outlooks into the first week of October are cooler across the east and the northeast than they were on Tuesday, but there still continues to be no sign of any sort of frost risk across the Midwest into at least the second week of October.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
