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|
US Carryout (Billion Bushels)
|Average Estimate||USDA September|
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.