Good Morning!

Mixed to slightly higher markets for this Wednesday morning. December corn is only a nickel away from this summer’s low, while only seeing a 2 cent trading range in last night’s trade. November beans continue to chop between $9.60 to $9.70. Ag futures on the Dalian Exchange were mixed to lower with beans down .6% while corn was showing slight gains. Nearby crude oil is up 1.0% and back above $50/barrel while the dollar index is a touch lower.

Hurricane Maria has made landfall in Puerto Rico as a Cat 4 storm. The track of the hurricane has pushed further west than previously thought. The central US 5 day outlook is exceptionally wet for NE, southeast SD into western and central MN where 3-5” of rainfall is expected. The rest of the WCB will see generally .25-1.0” totals while the ECB stays relatively dry.

The average trade estimate for Friday’s Cattle on Feed report has the number of cattle on feed as of September 1st at 102.7% of a year ago; placements in August are estimated at 97.1%. Marketings in August are estimated at 105.8% of a year ago.

The two day FOMC meeting concludes today with Fed Chair Yellen holding a press conference. The FOMC will likely maintain Fed Funds Rate target at 1.0-1.25% and formally announce the start of its balance sheet reduction program. Much attention will be given to whether the FOMC committee’s expectations for the federal funds rate have declined in light of the slowing in inflation data.

Be safe and have a great day!