We have put together a decent rally since putting in our year lows in mid-September. We are up about 24 cents for corn and 55 cents for beans as I am writing this.
The USDA released their quarterly stock estimate on September 28th and estimated corn at 2.140 billion bushels and soybeans at .438 billion bushels. Both were above the average trade estimate of 2.010 billion and .401 billion, respectively. This caused a break in price rallies as the trade digested these numbers.
On October 1st, the US-Mexico-Canada Agreement (the new name for NAFTA) was finalized. The new agreement allows US milk to be exported into Canada and allows US wheat to become more competitive. Hopefully, this will free up time and allow more attention to be put on the US-China trade war.
The variability in fields has been a talking point all summer for our area farmers. We are getting a better idea of how “big” this crop will be with the first loads of new crop corn and beans coming into our facilities. The west side of our territory may be the worst crop they have seen in a long time while our east side is estimating big numbers again this year. If you will be ending up with more bushels than previously thought, get in contact with our grain marketers, and they will be able to assist you with pricing options.
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