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MARKET COMMENTARY

AM Comments 09/23/16

Friday, September 23, 2016, 2:09 PM
Submitted by: Dustin Weiner


So far this morning our markets have spent the majority of the time in the red, with beans down double digits and corn fighting to stay even. Early soybean yield reports remain impressive and that 50.6bpa number that the USDA printed - all of a sudden it seems very doable and soybean futures seem to be feeling that pressure. The news story overnight being talked about: China’s Ministry of Commerce is implementing a 33.8% import tax on DDG’s from the United States. The Chinese ethanol producers have been complaining for a while that the U.S. industry has benefitted from subsidies – so this action isn’t a major shock but it is still interesting and worth paying attention to.

 

As we know all too well in parts of our state, heavy rains have caused flooding across Iowa, Minnesota and Wisconsin with additional rain in the forecast for this weekend into early next week. This is causing all sorts of problems with gravel roads washing out, towns flooding, bridges closing and railroad tracks being blocked. While production losses should stay local, logistics issues could end up the bigger story as the Upper Midwest prepares for harvest.

 

Currently:

Corn is steady/mixed

Soybeans are down 10 to 15 cents

 

Have a great day!

 

@landuscoopgrain

 

 

Dustin Weiner
2321 N. Loop Drive, Ste. 220 Ames IA 50010-8218
O: 515-817-2144 | C: 515-460-3228
Dustin.Weiner@landuscooperative.com

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