Topflight Grain Co

Wednesday, September 11, 2024
Morning Markets: Corn +2 old & new.
Beans +7 old & new. Wheat +2.

Macon County Lady Landowners tour to Mariah’s Mums and Wagon Wheel Pumpkin Patch is Thursday, September 19. Anyone interested in agriculture is welcome to attend. Please call Pam Jarboe at 217-841-4420 for more information. Reservations are due by Thursday, September 12.

MARKET SUMMARY:
Good morning. Never forget. As you maybe could have guessed, ag futures are trading higher to start Wednesday for likely no reason other than we were lower yesterday. Traders will continue to wait for tomorrow's USDA data before placing any large new bets, while early harvest hedge pressure limits rallies on the top side. Otherwise, newswires will likely again point to macro spillover as an influence in today's session, with August inflation data due and the next Fed meeting just one week away. Corn futures this morning are trading 2-3 cents higher, soybean futures are up 8-10 cents, and the Chicago wheat market is up 3-4 cents. Products are higher, soybean meal is up around $2/ton, and soybean oil is up 30-40 points. Outside markets are mixed, energies are rebounding from yesterday's lower trade with crude oil futures up $1.20-1.40/bbl; the Dow Jones index is down 120 points, and the US$ index is down 15 points. The S&P500 is down 10 points and the NASDAQ is down 20 points.

Crude Oil is up $1.66 at $67.41
US Dollar is down at $101.401
Global Equities: Japan -1.8%, China -0.7%, and Europe +0.7%
Dow futures down 103 points at 40,695
Malaysian Palm Oil: +0.0%
EU MATIF Exchange: Corn +0.2% and Wheat +0.4%

WEATHER:

The latest update from the National Hurricane Center showed a slightly more eastward storm track than was seen yesterday, but landfall is still expected in Louisiana this afternoon/evening. The track of the storm continues to get slower as well.
Weather models have also made similar adjustments, with totals in southern IL/IN now forecast to be in a range of just 0.1-1" compared with up to 2" seen yesterday. Top end totals further south of 4-5" are also seen slightly less than yesterday's 5-6".
Otherwise, the GFS continues to be wetter in the Dakota's/Nebraska into this weekend than the EU model, while both maintain near total dryness for the rest of the Corn Belt aside from what moisture Francine is able to provide.

OTHER HEADLINES:

This morning's weekly ethanol production report for the week ending September 6th is expected to show production in a range of 1.050-1.072 mil bbls/day, while stocks for the week are seen between 23.000-23.750 mil bbls. Both figures, on average, would be similar to last week.
News agencies and social media seem to be giving Kamala Harris the slight edge in last night's presidential debate, which may also be helping soybean prices this morning; this because a Harris White House would presumably see better trade relations with China than one controlled by Trump. This also likely helping energy markets.

Economists expect this morning's CPI inflation data to show a 0.2% monthly increase in both the regular index and the core index, which would match last month's readings. On an annual rate, inflation is seen at 2.6% vs 2.9% in July, with the core measure seen at 3.2%, unchanged from July.

EXPORT NEWS:

Have a great day!!