Dec corn down 3 ¾ at $3.705
Nov beans down 9 ¾ at $8.76
The DOW is down
USD is stronger
Crude oil down $1.01 at $68.74
Corn bulls are hoping they will soon see continued gains. Technically, the market seems as if it has stalled out just ahead of heavier nearby resistance up between $3.80 and $3.90 per bushel. Bulls argue that extremely wet fields and significant delays in the harvest, certainly places the crop in greater risk of yield drag associated with stalk diseases, rot, lodging, breakage, ear and root complications, etc. The further the harvest drags on, the more yield loss potential is left in the field. Lets also keep in mind, generally after October 15th, the soil in the fields will take much longer to dry out.
Soybean traders continue to debate strong harvest delays in portions of the U.S. Nearby weather forecasts are showing a window of opportunity to get the beans out of the fields, but for areas that have seen massive amounts of rainfall, there’s some question if things will dry out enough before the next wave of moisture arrives?
Fertilizer consumption in Brazil is expected to grow by +2.8% in 2018, to a record of just over 35 million tonnes, with demand from soy producers, in particular, offsetting rising freight costs and the impact of the strike of truckers, projected consultancy FCStone. The estimate comes one day after the National Association for Fertilizer Diffusion (Anda) shows that fertilizer deliveries in the accumulated 2018 through September were more than 4% higher compared to the same period of the previous year. The high expected by FCStone reverses a forecast of fall of 3.7% made by the consultancy itself in July, shortly after the entry into force of the minimum price table for freight, one of the measures taken by the government to end the stoppage of truck drivers May. (Source: Reuters Global)
A coalition of consumer advocates and environmental groups want hamburger chains to crack down on excessive use of antibiotics among certain beef suppliers. The report graded the 25 biggest hamburger chains on their antibiotic use, only two chains had an “A” grade. This report is being taken quite seriously and being passed all around mass media. (Source: Politico)