Morning Markets: Corn: -4.
Beans: -24. Wheat: -7.25.
TFG Customer Appreciation Lunches are on! 11:30am-1:30pm!!
Come get a pork chop!
TODAY!! ~ Pierson
TOMORROW! ~ Emery
Wednesday ~ Cisco
Thursday ~ 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!
MARKET SUMMARY:
Good morning. Monday ag trade in Chicago has been lower to start the week, with the spec community generally disappointed in weekend trade details regarding last week's meetings and as farmer hedge selling is likely present after a fairly active harvest weekend across the central and eastern parts of the Corn Belt. Money flow will continue to be a factor in pricing this week with the China meeting having now come and gone and the funds still heavily long, but its the USDA's quarterly stocks and small grains report on Wednesday, along with ongoing harvest progress, that's likely to steal a bulk of the attention this week and largely drive price action. Corn futures to get Monday started are trading 5-6 cents lower, soybean futures are trading 22-24 cents lower, and the Chicago wheat market is trading 6-7 cents lower; all three are near their overnight lows.
Crude Oil is up $2.55 at $94.96
US Dollar is up at $101.14
Dow futures are down 253 points at 51,871
WEATHER:
- Weather-wise this week, forecast focus is going to be centered away from the Midwest for the most part, as the week's biggest feature will be Hurricane Lola off the southwest coast and the larger low that it looks to join up with that's currently off the coast of CA. The two look to join up over AZ Tuesday night into Wednesday, and then are seen working north and east across the heart of the country into end of the week. The EU model has rainfall from this system possibly totaling 3-4" from the four corner states to southern WI/northern IL.
- The model then also has a frontal boundary this morning providing a lesser 1-2" of rainfall to areas further south the back part of the week and into the weekend, with this moisture expected to favor areas from central TX to MO and southern IL.
OTHER HEADLINES:
- Friday afternoon's Commitment of Traders update from the CFTC showed managed money traders in the week ending September 22nd were sellers of 12,406 contracts of corn (+414,437), buyers of 20,332 contracts of soybeans (+265,041) and sellers of 8,438 contracts of Chicago wheat (-13,144). In the products, funds were buyers of 6,823 contracts of meal (+192,368) and were sellers of 14,273 contracts of oil (+96,622).
- The White House reported over the weekend that the US and China had reached an agreement on recommendations (not finalized) for for more favorable tariff treatment on $30 billion worth of "non-sensitive" goods, with ag items like corn, wheat, and sorghum included but not soybeans. While constructive, the agreement is rather limited in terms of impact for agriculture, as the status quo between the two is seemingly mostly the same today as it was a week ago.
- Reuters reported late last week, citing analysis of industry data, that Russia could theoretically restart around 80% of its grain terminal capacity in the Black Sea region fairly quickly if diplomatic efforts towards a ceasefire made any headway. However, three terminals that account for the other 20% of capacity have been more heavily damaged and could take longer to repair.
- The Rosario Grain Exchange in Argentina said last week that the country was on track to likely record or near-record farm exports in the 2027 season, as a bumper harvest and global supply disruptions elsewhere could notably boost grain shipments. The group expects ag exports to generate around $40 billion in revenue, which would be the second highest figure on record behind only 2022.
- There continue to be conflicting headlines regarding a potential US ban on diesel exports, with the White House said to still be mulling the decision despite comments last week that it was off the table. President Trumps aid shortages were the result of a Ukrainian strike on a Russian refinery, and also acknowledged that an export ban could raise prices for gasoline and other fuels.
EXPORT NEWS:
- N/A
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
