Early Market Talk September 6, 2019

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Corn holding a one cent trading range overnight on thin volume. Soybeans not much better showing a $0.04 ¾ high to low price range. Brace yourselves, the barrage of yield reports will start in earnest next week out of southern areas. So far, all over the map.

At 0630 CZ19 up ¾ of a cent at $3.59 ½ on vol of 6K contracts. SX19 $0.03 higher at $8.64 ½ on vol of just over 6K. KC and Chi wheat giving up some ground this morning.

Dow futures 111 points higher at 26,812. Crude

Colleagues in Brazil have a 19/20 soybean production forecast of 121.4 mmt. Planted area at the equivalent of 89.9 million acres and just a scratch above that planted in the US this past year. Brazil competition only going to get tougher in the years ahead regardless of any trade resolution with China.

ADM involved in a lawsuit claiming it manipulated ethanol prices. Why does Mark Whitacre come to mind?

CZCN hit 29 cents yesterday and trading 28 ¾ this morning.

Our lead forecaster has no frost threats over the next 15 days. Above normal temperatures expected across the corn belt during the 6-15-day period.

Dryness developing in portions of NC Iowa with some questioning impact on yield potential.

CZ19 flirting with contract lows. Funds short 131K contracts.

Weekly export sales delayed from yesterday at 0730 this morning.

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