|

10-02 Midday:  Grains Higher at Midday Thursday

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn futures are modestly higher at midday as the market looks to stabilize after late-September weakness. December corn is up 1 cent, trading at 417-1/2, while March corn is up 1-1/2 cents, trading at 434-1/4 currently.
  • With the government shutdown, export sales data and the October 9 WASDE report have been postponed.
  • Ethanol production slipped 3% last week to 995,000 barrels per day, a five-month low likely tied to pre-harvest maintenance at some plants. An estimated 99 mb of corn were used in ethanol production last week, this is below the amount needed to reach the USDA corn usage estimate of 5.60 bb.

  • Soybeans are higher at midday with follow-through gains from yesterday’s strong close. November soybeans are up 5-3/4 cents, trading at 1018-3/,4 while March soybeans are 5 cents higher, trading at 1051-1/4 currently.
  • President Trump announced he will meet with Chinese President Xi in four weeks, with soybeans stated to be a key focus. China has yet to book any U.S. soybean purchases for the current marketing year.
  • Harvest progress should benefit from favorable weather throughout the remainder of the week, though rain chances increase across some of the Corn Belt early next week.
  • Wheat futures are trading higher at midday, supported by strength in corn and soybean markets as wheat attempts to rebound from recent lows. December Chicago wheat is up 5-1/2 cents at 515. December KC wheat is up 3-3/4 cents at 499-1/4 while December Spring wheat is up 5-1/2 cents at 562-1/2.
  • All three wheat contracts posted new lows on Wednesday after September 1 stocks came in above expectations in the Quarterly Grain Stocks report.
  • The U.S. ag attaché in China left the country’s wheat production estimate unchanged at 140 mmt but raised import projections by 1.6 mmt to 6 mmt.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.