Morning Comments October 1, 2018
Monday, October 1, 2018, 8:10 AM
Submitted by: Landus Cooperative
Corn: 3 cents higher
Beans: penny higher
Markets are trading higher this morning after a bearish USDA quarterly stocks report on Friday. The biggest headline this morning is the U.S. and Canada have reached a deal on NAFTA last night. The new deal is expected to be named the United States-Mexico-Canada Agreement or USMCA for short. The new agreement opens up the Canadian dairy market to U.S. exports at a level higher than the 3.25 percent market share the Obama administration negotiated under the Trans-Pacific Partnership. Canada also agreed to an accommodation to its auto exports. Great news for our global market space!
An extremely wet forecast in the cornbelt will continue to delay harvest progress and likely create quality issues. This comes along with seasonally cooler temperatures. Have a great day!