Category Archives: MidCo Comments
Good Morning. It is another dreary day through most of Illinois as light rain showers will slow harvest again today. The short term forecast is now calling for chances of rain showers every 2 to 3 days through next week so harvest may continue to be choppy, especially for soybeans. This is offering a little support to markets overnight. Also helping out is the Government solution to end the shutdown late last night. This agreement keeps the Government open until Jan. 15 and the debt ceiling limit has been extended through early Feb. These discussions will likely have to start all over again after the first of the year. There has not been an announcement of when the USDA will reopen and if there will be an Oct. supply/demand report. Export sales are not expected to be released today. The dollar is sharply lower this morning while equities are expected to be firmer. Rumors of Chinese corn interest continues with most of their demand from the U.S. now seems to be centered to early 2014. CIF values for both corn and soybeans remain firm for this time of year as offers are hard to come by. This plus the slower harvest is continuing to support nearby spreads. Other news remains quiet with most of today’s headlines expected to be focused on the Gov’t deal. Corn is continuing to find resistance in this $4.46 to $4.50 range and nearby soybeans act like they want to remain firm. Have a good day.