Dec corn Mixed $3.7375
Nov beans Higher $8.9375
The DOW is Higher $27,000
USD is Weaker $98.60
Crude oil Weaker $56
Corn bulls continue to point towards wet and cool weather “risk-factors” for the U,S. crop. Bears on the other hand, point towards a slightly warmer forecast and not that much frost fear regarding the upper northwestern portion of the corn belt. Overall U.S. corn “demand” continues to struggle. The U.S. dollar isn’t helping matters as it just posted a fresh new high for the year. Something else we need to keep our eye on is the fact South Korea just reported its sixth case of African Swine Fever up near the border of North Korea. Remember, South Korea is one of our bigger buyers of U.S. corn, which is used in some capacity to help feed their more than +12 million head pig herd.
Soybean prices remain reluctant to close above $9.00 per bushel. The NOV19 contract hasn’t closed above the $9.00 mark since late-July. Interday, we’ve traded north of $9.00, but just haven’t had the strength to hold these levels.
“: Cow-calf producers and independent cattle feeders are turning to Trump for help in their effort to even out profits in the industry, with a social media campaign this week using the hashtag #faircattlemarkets. It has garnered thousands of tweets, many of them tagging Trump and Agriculture Secretary Sonny Perdue, with a basic message: Ranchers are struggling to break even while large meatpackers are hauling in major profits. Many of the Twitter accounts took aim at the so-called Big Four beef packers — Tyson, JBS, Cargill and National Beef — asking for more transparency in the meat market, and for bringing back country-of-origin labeling for beef. The Agriculture Department’s antitrust enforcement arm is already looking into potential market manipulation following an Aug. 9 fire at a Tyson Foods beef processing plant in Kansas, which processed 6,000 heads of cattle each day, or 5 percent of the total U.S. slaughter. The Organization for Competitive Markets, an advocacy group supporting the Twitter campaign, said cattle producers were losing over $200 per head while meatpackers were making more than $400 per head following the fire. Producers’ share of beef retail prices is currently around 38.5%, per OCM. The group is also holding a “Stop the Stealin’!” rally next Wednesday, October 2, in Omaha, Neb.