Good morning,


Markets are relatively quiet to start the day with corn down 5 and soybeans up 3. Traders will most likely wait for Wednesday’s report before adding or reducing their positions.


Estimates for Wednesday’s report or listed below.


US Production (Billion Bushels/bushels per acre)

  Average Estimate USDA September USDA 2021
Corn Production 13.891 13.944 15.115
Corn Yield 171.9 172.5 177.0
Harvested Acres 80.8 80.8 85.4


US Carryout (Billion Bushels)

  Average Estimate USDA September
Corn 1.127 1.219
Soybeans .240 .200
Wheat .563 .610


A majority of nearly 12,000 railroad maintenance workers yesterday voted to reject a labor plan suggested by President Biden; there are a dozen unions in total that will be voting on the deal or risk going on strike.  A new bargaining period has begun and will end November 19th.  Barge freight on the Illinois and Mississippi have soared on the low water levels.  Barge rates were in the 500% of tariff rate but are down between 2000 and 2500.  It’s a good time for the railroads to use leverage.

I would have 7 dollar sell orders in as I said last week and also some at 7.20-7.25 for the Crop Report tomorrow.  I think it’s another good rally, which can be built on again tomorrow with bullish input by the USDA.


Garry Gard