Markets starting the day off weaker with corn down 4 and soybeans down 7.
Concerns over another rate hike in November are moving into the markets and has grains, bonds, metals and energy lower to start the day. Strength of the US dollar along with Mississippi River issues are weighing heavily on the US export program.
Mexico will reportedly proceed with the GMO corn ban by 2024, according to their Deputy Ag Minister; they are looking to cut U.S. corn imports in half and increase non-GMO shipments from other countries.
There has been no traction in the markets as prices have moved sideways for the better part of the month. I don’t see the market breaking out to the upside with the high dollar, poor exports and better weather in South America.
I would advise producers to make sales on any grain that you don’t have space for this fall and look to make some early winter sales on any small rally. Stocks are going to continue to grow with limited demand.
Have a Safe weekend!