Continuation from Friday’s selloff this morning as corn is currently trading 3 lower while soybeans are 4 lower.
Ukraine shot down 14 attack drones and a cruise missile fired by Russia at its south and east overnight, but debris from a downed drone damaged a warehouse at the Black Sea port of Odesa, officials said. Russia has intensified attacks on port and grain infrastructure since quitting a grain deal in July.
Weekend rains in Argentina and Southern Brazil along with forecasts for rain in the north have soybeans on the defensive. Corn and wheat do not have much in terms of bullish news, but Fridays Cattle on Feed report was more supportive than expected. Friday afternoon’s USDA Cattle on Feed Report showed all U.S. cattle on feed as of October 1 at 11.58 million head, or 100.6% of last year—that was well above the average 99.7% trade estimate. September cattle placements came in at 106.1% of last year, well above the 100.8% trade guess, with Sept marketings at 89.4% of LY, below the 90.3% trade expectation.
Producers across the country are targeting $5 with their next sale and some were able to hit that level last Thursday. I would advise producers to get offers in with your buyers at this level for December forward. Hitting this level for October or November delivery seems unattainable, but post-harvest we could get there.
Prices are back in the range, not ready yet to move higher. Most Mondays have been lower during harvest and higher in the middle of the week and weaker again on Friday.
Have a Safe Day!