On election day it’s always wise to remember Willie Sutton and his reply to the question as to why he robbed banks…………………………..”that’s where the money was”!…………………………………………………………………………It’s always interesting to see how some go into political office destitute and leave the public sector well-heeled……………………………………………………………………Elections have consequences and we will deal with the results as soon as they are known and that might not be apparent for a few days……………………………………
The USDA issues its November production and supply/demand reports on Thursday at 11:00 Chicago time………………………………………Traders and analysts have been issuing estimates and the trend appears to be that it’s expected that the USDA lower yields and production for corn and beans from the September and October figures…………….The “tweakage” might be considered to be minor and carryover projections could be lowered a little, as well!……………………………We are starting to lean toward the southern hemisphere as harvest wraps up in the northern hemisphere and corn and bean planting in Brazil and Argentina are going along handsomely…………………………..Wheat has not enjoyed stellar weather in Argentina and Australia and world production estimates may be lowered a bit in the Thursday reports and world carryover might be tightened a little more from the already tight numbers……………………………………….Yet, the winter wheat seeded in the States has been blessed with moisture and the crop is approaching dormancy with a good stand……….this may relieve any concern about the nearby situation…………………………….unless another problem develops with the size and quality of the southern hemisphere crops……………………………….Recent reports has speculative funds short wheat and as we approach first notice day against the December contracts we might see a tightening of the spreads……………………………………………………..Those who follow the “Voice From the Tomb” dictates will be buying March Wheat on November 28………………………………………………………………….
Traders might be anticipating the USDA harvest percentage at 80% for corn and approaching wrap up phase on beans…………………………..Enter wheat seeding could be placed in the mid 80’s…………………………………………….Pasture conditions and topsoil and subsoil levels are anticipated to be good to excellent and adequate to surplus…………………………………………………………
The information contained on this site is the opinion of the writer and obtained from sources cited
within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
Steve Bruce
Walsh Trading
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