Good Morning!

The grain markets are mixed as we begin what appears to be an active harvest week. China announced they will drop the ban on rapeseed meal imports from India as they seek to diversify sources of protein feed needs. Chinese ag futures were lower for beans and soymeal while corn futures settled marginally higher.

The weather outlook for the Midwest is mostly dry through Wednesday before light precipitation moves across the region on Thursday. The weekend and early next week appears mostly dry before rain/snow chances are possible by the middle of next week.

Ag Rural is estimating Brazilian soybean seeding is 34% complete versus 20% a year ago and 18% on average. The state of Mato Grosso is estimated to be 62% complete versus the 5 year average of 26%. Seeding in Panara is estimated to be 48% complete. Ag Rural is pegging 2018/19 Brazilian soybean production at 120.3 MMTs versus 119.3 MMTs in 2017/18.

The Buenos Aires Grain Exchange has estimated Argentina's corn farmers have finished planting 32.6% of the area expected to be seeded with the crop.

The Federal Reserve Bank of Kansas City has reported a sharp jump in U.S. farmers seeking operating and equipment loans of at least $1 million.

Friday’s Cattle on Feed report was slightly disappointing. Placements came in at 95.4% of a year ago, sharply below the trade expectation of 100.1%. Marketings in September were reported at 96.4% versus trade expectations of 97.0%. The number of cattle on feed as of October 1st came in at 105.4% below the trade estimate of 106.4%.

Have a great day!