There’s still a lot of harvest to complete and some trading firms and some farmers are starting to report that yields are very good to excellent to humongous on corn and beans . This might show up in the October 11 USDA report yet, we’ve been disappointed before as the government might report what the government wants to report at the time it wants it reported…………………..so, there!
On Monday, the USDA said that we’re 26% complete on corn harvest, 23% complete on bean harvest and 43% complete on winter wheat seeding which are all above the 5 year average pace…………..The weather has turned a little less cooperative to harvesting as we’ve become a little cooler and wetter than normal………………………Topsoil moisture is 77% adequate to surplus and subsoil 70% adequate to surplus …………………………………Also, the National Weather Service in its 6 to 10 day forecast as well as in its 8 to 14 day forecast suggest that the Heartland might experience warmer and wetter than normal conditions…………………………….
The blithering, blathering and bloviating from talking heads on all things political and on trade agreements might cause ones head to explode and/ or for someone to pull an Elvis and choose to go into isolation for a couple of weeks yet, we have to keep an eye on our esteemed representatives in Washington because of what they might accomplish……………………………….I, for one, will not pretend to predict nor project what will happen through the midterm elections on November 6……………………….
It appears, in my opinion that the markets are still in a “wait and see” area as we are near the decade low prices yet, there’s no urgency for end users to back up the truck and take extended coverage and/or chase rallies as there appears to be a space tightness in the domestic markets which traditionally translates into waiting for harvest to get to over 80% harvest completion in order to add length……………..
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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