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
920-348-6844
