The markets continue under pressure as we continue to push further into the fall harvest. December corn futures dropped below the 20-day moving average for the first time since August as new crop supplies begin to refill the pipeline. Equities are lower with the Dow trading to a 7-week low while the dollar index rallies to a 2-month high. Buenos Aires Grains Exchange predicting Argentina grain production to fall 6.1% this year. Corn production is pegged at 47 MMTs versus 50 MMTs in 2019/20. The wheat harvest is expected at 17.5 MMTs, down from 21 MMTs estimated in May and 18.8 MMTs last season. The soy crop is estimated at 46.5 MMTs versus 49.6 MMTs last year. The average trade estimate for today’s U.S. Hogs and Pigs report has all hogs as of September 1st at 100.1% of a year ago. Kept for breeding is estimated at 97.5% and kept for market is pegged at 100.6%. California Governor Gavin Newsome signed an executive order banning the sale of internal combustion engine cars in the state by 2035. Fifteen countries, including the U.K, have instituted similar policies. NOAA’s 6 to 10 as well as the 8 to 14-day maps are showing below normal temperatures and below normal precip for the entire mid-section of the country. Drier than normal conditions should be conducive for an active harvest. Have a great day! Wayne Kollis - Mike Rosenberg - Matt Zeman - Austin Behrendsen - Grant Johnson
Thu 9/24
Fri 9/25
Sat 9/26
Sun 9/27
Mon 9/28
High
83 F
86 F
85 F
68 F
Low
56 F
57 F
54 F
52 F
43 F
Precip
0%
20%
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