Dec corn down 1 ¾ at $3.86
Nov beans down 5 ¼ at $9.085
The DOW is down
USD is weaker
Crude oil down $.26 at $52.38
Corn bears are talking about improved harvest weather in the U.S. forecast, improved weather in Brazil, and weaker U.S. demand headlines via exports and ethanol. Bulls are pointing to the tighter balance sheet and uncertainties about the USDA’s current production forecast.
Soybean traders are waiting for what could be an extremely volatile week ahead. Next Thursday we have the USDA’s October Supply and Demand report scheduled for release. At the same time, we should have Chinese trade negotiators flying into Washington for another round of trade talks.
South Korea on Wednesday confirmed two additional cases of African swine fever at a pig farms in Paju, a town near its border with North Korea, the country’s agriculture ministry said, bringing its total number of cases of the disease to eleven. South Korea is still looking into the source of the virus, but all of the cases have been found on hog farms near its border with North Korea, which reported an outbreak in May. Officials have been scrambling to halt the spread of the disease, disinfecting farms, trucks and roads, banning livestock movement and destroying some 93,500 pigs. They plan to slaughter at least 17,000 more pigs, including the animals at farms within a 2-mile radius of the two Paju farms were infections were newly confirmed. (Source: Reuters)
Several media reports say President Trump is expected to sign-off on a biofuels package Friday and publicize it next week. Ag Secretary Perdue told reporters at World Dairy Expo this week the administration plans to maintain the minimum 15 billion gallon level. “President Trump has insisted that we maintain 15 Billion gallons and even in spite of small refinery waivers that may mean increasing the offset which the EPA has on their rules. They can estimate what the award will be.” Iowa Governor Kim Reynolds says she hasn’t yet seen anything in writing yet. Reynolds was in the Oval Office last month, arguing for a policy that will increase federal biofuel production and blending requirements. The oil industry has been pressing against that, “I’m still going to take the president at his word. I know that he’s worked really hard to help make our farmers and the biofuels industry whole and so I look forward to seeing in writing the agreement that we verbally came to.” Reynolds says if it’s the plan they discussed, she has invited Trump to Iowa to make the announcement. (Source: Brownfield Ag)