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Commentary
10/3/24: No further escalation in the middle east but remains in the background of the market. Russian rhetoric on exports and crop concerns has finally started to intensify. IKAR lowered its export number 2 million metric tons over night, Russian Fob Values for Nov are hovering around $227 per ton up roughly $10 per ton since last week, and there is growing concern that the government will start limiting exports. Dryness persists but there are rains forecast in the two-week forecast. Top end of the Australian wheat crop has come off with the recent freeze events and nearby dryness. KC wheat up almost a $1 from lows made a month ago. Spring wheat up 70 cents, SWW up 40 cents and corn up 45 cents. Those are substantial rallies given US crop sizes and our muted yearlong export demand. Wheat exports for the week were 444K MT higher end of the expectations led by SWW (201K MT) and HRS (142K). Expect Spring wheat to continue to carve out better exports than the other classes as its high pro high quality can help blend off these lesser quality lower pro crops around the world. Corn sales were 1,684K MT above expectations main buyers were Mexico, Columbia, and Japan. Soybean sales were 1,444K MT with China taking over half of it. Washington Cap-and-Trade Rebates Start Aug. 26 It will be first-come, first-served when Washington distributes $28.5 million to partially refund cap-and-trade surcharges to farmers and haulers of farm goods for fuel. Click on the link below for full Captial Press article.
***Tri Cities Grain now offering Grain Settlement ACH Payments as well as Vendor ACH payments. 1 page form to fill out in order to set up the process. Please call with any questions Click here for the ACH Payment form
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Futures Quotes
Quotes are delayed, as of October 07, 2024, 09:21:49 AM CDT or prior.
Commentary
Wheat Showing Mixed Action on Monday AM Trade -
The wheat complex is mixed across the exchanges on Monday morning, with the soft wheat the firmest. Futures saw lower trade across all three Cattle Look to Monday Trade After Rallying Last Week -Live cattle futures posted positive trade on Friday, with contracts up anywhere from 20 cents to $1. Cash trade kicked off on Friday, with some Hogs See Gains Last Week -Lean hog futures posted mostly lower trade on Friday, with contracts down 5 to 32 cents. December managed to post a $2.77 gain on the week. The Corn Starting Monday with Weakness -Corn prices are kicking off the week with a bout of weakness, as contracts are down 1 to 2 cents. Futures closed out the Friday session with Cotton Pushing Higher on Monday Morning -Cotton prices are trading with Monday Morning gains of 40 to 50 points. Futures closed the Friday session with contracts up 22 to 54 points across Soybeans Lower on Monday Morning -Soybeans are trading lower on Monday morning across the front months. They settled with losses of 7 to 8 ½ cents across the board on the Friday Full commentary... |
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National Newswire
Washington USDA Newswire
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