Morning Markets: Corn: +1.75.
Beans: -3.50. Wheat: -0.50.
Olympia FFA will be feeding the farmers a free meal TODAY!! from 4:30pm-6:30pm at both Tabor and Atlanta
State Bank of Bement will be passing out Harvest Bags Wednesday, 10/14 from 1:30-3:30pm in Bement
United Prairie will be serving lunch Friday, 10/16 from 11am-1pm in Pierson
MARKET SUMMARY:
Good morning. Ag markets are mixed this morning to get the week started, as the dust continues to settle from Friday's USDA fireworks and as the Columbus Day Federal holiday looks to keep speculative interest somewhat subdued into the new week. Trading ranges so far in the row-crop markets are all within those seen on Friday for now, but the key for today and this week in general will be whether or not much follow-through is seen to the downside after closes to end the week last week could've been worse all things considered. The fundamental picture in the US undoubtedly became less bullish in the last two weeks, but the other risks that we've been discussing for what feels likes months now have not changed; there's still a pair of wars going on - with associated inflation risks - there's still weather risk via El Niño in South America, and there's still the risk that China shows up as a major buyer of US grains. Corn futures to start Monday morning are trading either side of unchanged, soybean futures are trading 4-5 cents lower, and the Chicago wheat market is trading either side of unchanged as well.
Trivia: What White Sox player is a Springfield Sacred Heart-Griffin High School 2021 graduate? Also attended Heartland Community College. (answer below)
Crude Oil is up $1.22 at $93.07
US Dollar is up at $102.41
Dow futures are up 110 points at 52,036
WEATHER:
- On the weather front for this week, tropical moisture looks to again be a feature for the Corn Belt, as the models have low pressure in the western US sending systems out of the southwest and then over the top of high pressure sitting in the southeast, providing storms and rainfall to the central part of the Midwest through the middle of the week this week. This morning's EU model run puts five day rainfall totals in a range of 1-3" generally from west TX to northern IL, with exact amounts/locations likely to be variable.
- Temperatures throughout the region look to keep a summer-like feel through the first part of the week, but drop off notably into the end of the week and weekend. Minimum temperature maps this morning have lows dipping well into the low 30's by Saturday/Sunday across a large portion of the northeast and northern Midwest, which seems to be providing the season's first frost risk.
OTHER HEADLINES:
- Friday afternoon's Commitment of Traders update from the CFTC for the week ending October 6th showed managed money traders were sellers of 60,492 contracts of corn in the week (+317,359), were buyers of 10,497 contracts of soybeans (+251,660), and were sellers of 7,873 contracts of Chicago wheat (-29,543); in the soy products, funds were sellers of 611 contracts of meal (+206,804) and were buyers of 11,573 contracts of oil (+99,447).
- CME volume data from Friday shows corn futures traded a volume of roughly 1.203 million contracts, which is a new daily record and surpasses the previously one set on the March quarterly stocks and seeding intentions report day in 2019. Relative to recent averages, Friday's trade was some 2.5-3x more active than normal.
- South American consultancy firm Patria AgroNegocios said on Friday that new crop Brazil soybean planting was advancing at its fastest pace on record, with progress said to be nearly 20% complete already on "satisfactory rains" throughout most of the country's main growing regions. The group said in a comment that the situation could move harvest forward and that it could also improve prospects for the safrinha corn crop via more favorable planting dates.
- Chinese ag ministry data released late last week shows corn consumption in the 2026/27 season is expected to decline to 306.85 MMTs, which would be down some 5 million tons from an estimate made last month; production and imports were both left unchanged. The ministry also slightly lowered their new crop soybean production estimate in the forecast to 20.36 MMTs.
- In energy news this morning, sources say the US reached an agreement with Russia to ease restrictions on diesel exports over the weekend and that Moscow has committed to releasing 500,000 metric tons of supply during November. In the Middle East, Yemen's Houthi militia group claimed an attack on the King Khalid International Airport in Riyadh, with the strike showing tensions remain elevated and that diplomatic efforts have continued to yield little in the way of progress.
- Relatedly, the US was said to have authorized the release of up to four million barrels of crude oil from the Strategic Petroleum Reserve to help maintain refinery operations in the southern US following hurricane-related disruptions brought about the last several days.
EXPORT NEWS:
- N/A
Answer: Sam Antonacci. Started Left Field and batted leadoff in ALDS Game 5 loss on Saturday.
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
