News

Morning Commentary

Dec corn down 1 ¼ at $3.715

Nov beans down 3 ½ at $8.895

The DOW is up

USD is stronger

Crude oil up $.43 at $58.56

Good morning,

Corn  remains mostly in a sideways channel without much of a nearby story. Bulls are hoping the USDA will deliver a more optimistic view in the October report. Bulls would like to see the DEC19 corn contract close back above the $3.80 level before they get more excited. On the flip side, bears are wanting to see the market re-test the lows set just above $3.52 per bushel back during the first part of September. The trend for December corn is neutral.  Stable trade outside 360.5-379.75 is needed to provide fresh trending targets.  With the trade count showing the fund having bot 5,000 lots, they’re now thought to be short 144,000 corn on a futures and options basis. 

Soybean  bears are talking about mostly cooperative weather in the forecast and the fact it should help the crop finish more favorably. Bulls are holding out hope for increased buying from the Chinese and some weather hiccups ahead for South America. Technically, traders are still talking about stiffer resistance on the charts for the NOV19 contract up between $9.05 and $9.20 per bushel.

House Bill Covers Trade War Mitigation Funding: The stopgap funding bill passed by the House yesterday will reimburse the Commodity Credit Corporation for trade relief and other payments as of Sept. 17, so the agency doesn’t breach its $30 billion borrowing cap as it continues to send checks to farmers and ranchers. In order to address Democrats’ concerns about the distribution of payments, the final language would require Agriculture Secretary Sonny Perdue, by Oct. 31, to submit a report to lawmakers itemizing payments made under the program since it started up last year, and projections for next year. The report is to include information on payments broken out by commodity and specialty crop — such as cherries, grapes, cranberries and various types of nuts. State-by-state information would be required as well. The provision would provide the CCC with roughly $20.5 billion to make more payments under the so-called Market Facilitation program, congressional aides said, shy of the $30 billion sought by the White House. The stopgap measure still needs approval from the Senate and the President. (Source: Roll Call)

An Iowa State Fan’s Sign Asking For Beer Money Has Raised Over $400K For Charity: Carson King, 24, was among the thousands who gathered for Saturday’s ESPN College GameDay rally pregame show in Ames, and like many, he brought a sign with him. It was a rather rudimentary one, but it was meant to be more of a joke than anything. Scribbled in big black letters, King’s sign read, “Busch Light Supply Needs Replenished” and listed his Venmo account info. Thanks to some prime TV placement and the help of social media, King actually started getting donations to fund his hydration. In fact, he ended up getting so much money that he decided to turn the fundraiser into something a little more important. As his Venmo balance hit $1,600, King decided he’d buy one case of beer and donate the rest of the money to the University of Iowa’s Stead Family Children’s Hospital. Not long afterwards, Busch caught wind of the story and decided to jump in on the effort. Not only did the company promise to hook King up with a year’s supply of free beer, but they also pledged to match the amount of donations he received, dollar for dollar. Later, Venmo also promised to match the total amount King raised on their app. With the fundraising efforts picking up steam, so too did the amount of money flowing into King’s account. As of early this morning, King said the grand total with the matching amounts to over $400,000! King will keep his fundraising account open through the rest of September. (Source: Des Moines Register)

 

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