Corn is unchanged and soybeans are up 9 to start this Friday heading into a three day weekend. I would expect to see the markets close unchanged to lower as traders ship off for the extended weekend.
The Gulf supplies 60% of the Ag trade out of the US. The LDC Port Allen Facility is already up with power and now only waits for the Mississippi River to be cleared and they will be back in business. Other facilities still do not have power, but that should change in the coming days. The greatest damage was to the Cargill facility which could take months to get back online. This facility exports approximately 15% of the US grain. The rest were mostly undamaged and it remains a power issue. Power is coming back to many areas in New Orleans. There will be pent up Chinese demand as soon as scheduling of cargoes can continue.
Democratic lawmakers are asking House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer to extend a biofuel production tax credit and include other measures to expand U.S. biofuel use in upcoming budget legislation. The lawmakers, led by Sen. Amy Klobuchar of Minn., want the congressional leaders to include provisions that would enhance fuel pump infrastructure, allow retailers to sell E15 year-round, set a low-carbon fuel tax and other manufacturing incentives.
The 7 day forecast has rain coming to Kansas, Missouri and the Southern tip of Illinois. Warm temps will show up out West next week and stay above normal for the next 10 days. The Eastern US will see below normal temps. The market is going to start looking for cold temps now, in case there is an early frost.
Have a Safe Weekend!