Dec corn up ¾ at $3.87
Nov beans up ½ at $9.1875
The DOW is down
USD is weaker
Crude oil down $.21 at $55.33
Corn prices continue to chop around inside a fairly tight range. The harvest being extremely late and another wave of winter weather falling across some important production areas have the bulls excited. In areas that might be lucky enough to avoid the snow and freezing temps, they may still have to deal with heavy rains and extremely wet fields. Demand, however, remains somewhat suspect.
Soybean bulls are pointing to continued positive talk surrounding U.S. and Chinese trade relations. Reports are circulating that President Trump and Xi Jinping will officially meet Nov. 17 in Chile. There are some questions about whether an official “Phase 1” deal will be signed or just some type of interim deal. Bears continue to discount the headlines as mostly talk and still no massive purchases by the Chinese. Bears also point towards ongoing uncertainties involving African Swine Fever.
The U.S. Department of Agriculture (USDA) released a nationwide proposal for growing hemp and testing its THC content, a move that comes more than 10 months after the U.S. Congress legalized hemp and ordered the USDA to regulate it. The new framework will set out procedures for testing the levels of THC (the psychoactive ingredient in cannabis) in plants. The regulations will require farmers to have samples of their hemp taken by a USDA-approved agent within 15 days of harvest. Those samples will then be tested in labs registered with the DEA to confirm whether the amount of THC in them exceeds .3 percent—the legal line between hemp and marijuana. Licensed hemp growers will also be able to apply for loans, crop insurance and risk management products available to other farmers. States and Native American tribes will be able to submit their own hemp production plans to the USDA for consideration, but they will not be allowed to ban the interstate transportation of legally grown hemp.
A certified crop advisor says fall weed management is important, but farmers should save most of their money for spring 2020 applications. Mark Wilson is with Wabash Valley Service Company in southeast Illinois. He tells Brownfield excessive rains washed away spring 2019 herbicides allowing weeds to come up late this fall. “We’re only going to get one more flush of weeds this fall, if that, with weather cooling off. Next spring, we are going to get flush after flush after flush. That is when we need to spend our big money on herbicides.” But he says farmers should not overlook a fall application. “We are going to have weeds that we are gong to have to deal with early next spring. So, the cleaner we start out, that seed load that we picked up this year, we will have a better chance of keeping that under control.” He says there are a lot of herbicide options out there to simply kill weeds that are present this fall and hold them down for a while. (Source:Brownfield Ag)