Closing Markets: Corn +0.50 old & new.
Beans +3.25 old & new. Wheat +5.
TFG IS OFFERING DISCOUNTED DRYING AT EME, MIL & KRU 9/11-9/13 THE RATE IS 2 CENTS/PT OF MOISTURE ALL THE WAY UP. THANK YOU!
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 Recap:
Good afternoon. Another choppy session was had in the ag markets on Wednesday, though values managed to close mostly higher across the board. The perception that Democratic nominee Kamala Harris was the 'winner' of last night's presidential debate managed to support soybean and crude oil values through most of the morning hours, before this notion wore off and prices drifted back off their highs into the afternoon.
CZ closed at 4.04 3/4, up 1/2 cent. CH was up 1/4 of a cent at 4.23 1/2. SX closed at 10.00 1/2, up 3 1/4. SF was up 3 3/4 at 10.19. WZ closed at 5.79 1/4, up 5 cents. Products were mixed, October soybean meal closed at 316.0, up $2.70/ton, and October soybean oil closed at 39.78, down 51 points. Livestock markets were higher, October live cattle closed at 176.95, up 62 cents, October feeders were up $2.10 at 237.50, and October hogs closed at 79.75, up $1.20. Outside day higher for feeders. Outside markets are trading mostly higher as well, crude oil futures are up around $1,50/bbl, the Dow Jones index is up 80 points, and the US$ index is up 10 points. The S&P500 is up 50 points and the NASDAQ is up 380 points. Inside day for crude oil, outside days for the S&P, the NASDAQ, and the $ index.
Spreads were mixed/lower, corn spreads were up a half cent to down 3/4 of a cent, and soybean spreads were down a quarter cent to a penny and a half. CU/CZ closed at -24 1/4, up a half cent, and SU/SX closed at -20 3/4, down a penny. CZ/CH closed at -18 3/4, and SX/SF closed at -18 1/2.
Through three days so far this week, USDA has failed to announce any new daily export sales following a good run of announcements the last couple weeks. Like US traders, buyers on the world market are likely waiting to see whether the US crop size gets any bigger on Thursday, thereby driving prices lower. We would expect daily flashes to resume as early as Friday, as the US is price competitive with other major exporters, at least in soybeans.
Ethanol production in the first week of the new marketing year this morning was seen at 1.080 mil bbls, which is a new record for this particular week; the previous record was 1.047 mil bbls, set in 2017. Production was up 1.8% from last week, and up 3.9% from the same week last year. Stocks in the week ending September 6th were seen at 23.714 mil bbls, which was also a new record high for the first week in the marketing year; the previous high was 22.894 mil bbls, set in 2018. Stocks were up 1.5% from last week, and up 12.0% from the same week last year. We estimate corn use in the week at 106.7 mil bu's. The USDA currently estimates cumulative corn use for ethanol in the 2024/25 season at 5.450 bil bu's, equal to 2023/24's estimate.
For tomorrow's September WASDE report, traders are once again expecting production figures to be the main story. Corn yield is seen coming in at 182.4 bu/acre, compared to 183.1 last month; this combined with a slight reduction in harvested acres to 82.65 mil, results in an average production guess of 15.076 bil bu's, compared to 15.147 bil last month. For soybeans, yield is seen at 53.2 bu/acre, which would be unchanged from last month. Harvested acres are also expected to be unchanged on the month, which means the production estimate is expected to remain at 4.589 bil bu's.
Have a great evening! Never forget!
