|Thursday, October 3, 2019|
Mid-Day Markets: Corn +1. Soybeans -1. Wheat +2.
- Markets turned mixed with corn up 1, soybeans down 1, and wheat up 2.
- SX19 is trading above all major moving averages, CZ19 is trading above 10, 20- and 50-day moving averages.
- Corn sales for last week were within expectations @ 22.15 MB vs. 19.45 MB last week; 34.74 MB needed weekly.
- Soybean sales were well above expectations @ 76.28 MB vs. 38.14 MB last week; 57.2 MB headed to China.
- Wheat sales were also within expectations @ 12.07 MB vs. 10.40 MB last week; 14.73 MB needed weekly.
- At this minute, tariff increase is scheduled for October 15th, trade talks still set for next week between U.S/Chinese officials. USDA has confirmed another 252,000 tonnes of U.S. soy sold to China by private exporters making it 716 tonnes (26.3 MB) this week.
- Analysts at Rabobank reported China’s hog herd fell by 50% in the first 8 months of 2019; expect that number to grow to 55% by end of the year. S. Korea confirms 2 more ASF cases near the border of N. Korea; the latest confirmation brings the total number of cases to 13.
- The EPA may use “partial” small refinery exemptions under Trumps revamped biofuels deal to help farmers and ethanol consumption. Other details of the deal include boosting blending quotas based on 3 year rolling avg. and increase consumer access to E15 gasoline.
- Frost/freeze will end the growing season in northwestern Corn Belt Friday morning but kill off not expected. Northeastern CO and western ND reported lows in the upper 20’s in some areas while 30’s was common. Rain will begin moving across the northern Plains and into the Midwest Friday-Sunday with 0.10-.75” of rain expected; drier weather to follow.
Have a great afternoon!!!
Emery Branch Manager/Originator || Topflight Grain Coop
593 Emery Rd.
Maroa, Il 61756
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