Markets are down two in corn, up 4 in beans and down 7 in wheat. Crude oil is up 100 points and US Stocks are up 150. The dollar is slightly lower. The election is too close to call, with early returns on the ballots showing many States going the same as the last election. Many of the key States up for grabs are the same, and voter counts are close to even. This election is very tight, with much more of the popular vote yet to come in. Market volatility has not been extreme overnight.
China has not bought US soybean for 19 days. Large imported supplies to date could be slowing new buying. Late planted Brazil 2021 soybean crop could eventually add to US soybean export demand. There is even talk of US soybeans being loaded to Brazil. USDA China Ag attaché lowered his estimate of China imports to 95 mmt. Some feel if true this could hurt new crop Brazil demand.
Space has become a premium locally with the gut slot of harvest upon us. Lines, lack of space and last minute ground piles are the story this week. With the forecast for favorable weather thru the weekend things should continue to roll along at a very fast pace. Don’t let the harvest rush keep you from making some marketing decisions for post-harvest. The most important sales are the ones that keep grain moving out of your bins once harvest is complete. This will remove fines and keep grain fresh. December prices in the $3.80-3.90 range are a good place to be selling.
Have a Safe Day!