MARKET COMMENTARY

Opening Calls:

Corn and Beans 1 to 2

The normal Monday afternoon crop progress report will be delayed one day as the U.S. government observes Columbus Day. The next WASDE report will be issued on Thursday, the 11th.

December 2018 corn futures are up 24 cents from the low set just 3 weeks ago, on September 18th. Something to keep an eye on is the December 2019 corn futures, right at $4, which might not sound like a home run, but note, that is almost 35 cents higher than the current December futures. Could be a very good place to start selling a little for next Fall, or give us a call, and leave an offer. Having some sales on the books at or near $3.50 cash could look very good a year from now, if the early projections of planted corn acres (93 million?) are close to correct.

On the soybean front, the Brazilian Real is trading higher, in relation to the Brazilian presidential election. The far right candidate, Jair Bolsonaro, garnered 47% of the primary vote. There is also news that Brazil has stopped offering soybean meal for export for the next few months. Some people think it is in response to the ongoing trade issues between the U.S and China. If this continues, Brazil will need to ship more whole soybeans as opposed to crushing and making meal, which will be left to Argentina, and will also keep U.S. soy processors operating at capacity.

Sounds like the majority of the rain events in Iowa will wrap up on Tuesday, with some chances of rain in places again this weekend. Extended forecasts are calling for a drier and warmer pattern at the end of October. Drier would be welcome, warmer would be even better.

Outside markets show the dollar stronger, the Dow Jones, gold and crude oil weaker.

In case you missed it, we launched a podcast on Friday, called the Landus Cooperative Experience. This features a weekly recap of the grain markets, called the Bull Bear Banter. To download the free podcast go to www.landuscooperativeexperience.podbean.com or search “Landus Cooperative Experience” under your Apple or Android podcast store.

Here’s hoping for an extended period of dry weather.