Okay, the market is not dull, but it is sometimes difficult to explain. Except for wheat, the sharp sell-off appears as an over-reaction to yesterday’s WASDE, a report that did not really break much new ground. The markets opened lower but then this rush to get out developed. Volumes were large as sell-stops triggered a lot of selling. But if it is hard to explain, it is probably not sustainable. Some point to good Midwest weather, but that ignores some challenging weather and the underlying fundamentals. Some say it was the lackluster Export Sales report, but it was good for corn (limit down today) and there are no soybeans to sell (down 3.5 percent). Some said it was the Mississippi River closure due to a broken bridge, but that is...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
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