Morning Comments October 6, 2017
Friday, October 6, 2017, 8:10 AM
Submitted by: Landus Cooperative
Corn up 1
Morning markets are a touch weaker following a nice bounce yesterday. Beans found support this week from new Chinese purchases and obstinate logistical log-jams along the Mississippi River. Barge freight has eased off multi-year highs, but this hurricane season is proving to be persistently nasty. “Nate” is currently bearing down on the Center Gulf (New Orleans area) and is expected to make landfall this weekend. Some railroads are putting a pause on train movement to/from the gulf until the system rolls through. This will undoubtedly strain barge logistics further.
News from the south shows Brazil remaining reasonably dry with light-to-moderate rains moving through its southern half over next 10 days. Argentina will continue to see rains over next 10 days.
Yield reports are still mixed. U.S. Corn Belt weather outlooks calling for precipitation to be normal to above normal over next 1-5 days.