Grain Comments: 10.06.23

Ag markets are mixed this morning. Corn and wheat are mostly unchanged, while soybeans are trading 4-5 cents higher. Meal and bean oil are both slightly higher. Outside markets are mostly higher ahead of today’s Jobs Report. Crude is currently up a few cents and equity futures are up 43 points. The dollar is up .045 at 106.110.

Today’s Reports: U.S. Jobs Report

• CZ traded through the 50 day moving average yesterday. Next level of resistance would be the 100 day moving average of $5.115.
• Today’s U.S. Jobs report is expected to show 170,000 jobs added in September, keeping the increase below 200,000 for the fourth month in a row. The last time that happened was in 2018.
• Unemployment is expected to fall from 3.8% to 3.7%.
• Average hourly wages are forecast to rise 0.3% in September, while year on year pay rise is expected to stay at 4.3%. 4.3% is too high for Fed officials, who say annual wage growth needs to slow to 2% to 3%.
• Iowa soy harvest will be winding down by the end of the week.
• Some reports yesterday from the country of a few mid-sized Iowa farmers who will be completely done with harvest this weekend.
• Tension in the Black Sea have escalated this week Overnight Russia continue to bomb ports in Southern Ukraine. On Thursday Russia attacked Ukraine ports in Odesa and Mykolaiv. Another missile strike killed 50 people at a cafe in Kharkiv area. Also there is reports Russia is planting mines in the sea to deter vessels from entering Urkraine export corridor.
• Ship tracking data shows three more ships are heading to Ukraine’s Black Sea ports. Twelve ships have already completed journeys to and from Ukraine ports of the past few weeks.
• Buenos Aires Grain Exchange reporting Argie farmers are delaying planting early corn due to dryness. Corn seeding is now 13.9% complete versus 7.3% last week.
• Buenos Aires Grain Exchange is reporting 33.0% of the wheat crop poor to very poor versus 27.0% last week.