Weaker markets again this morning with corn and soybeans both opening 3-4 lower. Corn, Beans and Wheat have all fallen out of their key trading ranges and below key support levels this week. With a dry US forecast allowing harvest to progress we are going to need the speculative buyer to return to this market to change course.
• Weekly export sales were very disappointing with corn at 13.8 million bu. compared to a ten week average of 29. Soybeans came in at 7.8 million bu. compared to a ten week average of 19.
• Weekly ethanol production rose 13,000 barrels/day to 1.02 million. Production is below the 1.068 million pace needed to meet USDA estimates. Ethanol stocks fell 233,000 barrels to 23.9 million barrels.
• The Wall Street Journal reports the US is refusing to engage in trade talks with China until a “concrete proposal” is presented that addresses US complaints about forced technology transfers. The G20 meeting at the end of November is already being questioned if something can be done then.
Have a Safe Day!