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.
Corn is steady/mixed
Soybeans are down 10 to 15 cents
Have a great day!
2321 N. Loop Drive, Ste. 220 Ames IA 50010-8218
O: 515-817-2144 | C: 515-460-3228
This email is intended for the use of the person to whom it is addressed and may contain information that is privileged and confidential, the disclosure of which is governed by applicable law. Dissemination, distribution or copying of this information in an unauthorized manner is strictly prohibited. Sender accepts no liability for any damage caused by any virus transmitted by this email. If you receive this email in error, please notify the sender.