Northern Plains, northern Midwest and Southern Plains to see rain Saturday. Saturday night and Sunday will see rain in areas of the far Northern Plains, southeastern Canadian Prairies, and in the southwestern and central Midwest. » More DTN Weather Commentary
Posted at 12:22PM Fri Sep 20, 2019 CDT
Quote of the Day
"Good judgement comes from experience. Sometimes, experience comes from bad judgement."
Grain markets faded through the afternoon, lacking bullish news to justify higher prices along with a lack of confidence in a potential Chinese trade deal. Chinese soybean buying dried up and weather is ideal allowing late planted crops to mature. We will get new crop ratings Monday afternoon. Soybeans will need increased demand or a cut to production to justify higher prices when we have record ending stocks. 2019-2020 ending stocks are projected to be lower than this year but we have a large cushion to work with. Pork prices in China are up 100% year over year. We have been waiting to see more pork exports but they haven’t shown up yet. Corn weakened today, trading on both sides. Everyone is waiting to see early harvest numbers. Chicago wheat had early support from the MN contract but as it pulled back from the highs the Chicago contract did as well. Quality issues will help support the Chicago contract if rains continue in the Northern Corn Belt. Few remember a year when the estimated quantity and quality of the crop was so unknown this late in the season.