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Highlights, Canada, Markets & Rain Days Update 10/8/22

Highlights


Beans in Eastern Iowa are running 70-80 bu, about 7 to 8 bushels above average. Eastern Iowa and Western Illinois are the Garden Spots of the Corn Belt this year. West Central Minnesota beans are running 80-90% APH or in the 40's, which is not good for that area.


A report yesterday morning reported the number of people employed in the US increased 263,000 in September, short of the Dow Jones estimate of 275,000, but above the average market estimate of 248,000. The unemployment rate was 3.5%, down 0.2%. The market was expecting 3.7%. Average hourly earnings rose 5% from a year ago, slightly below the estimate. Overall, neutral to a little better news than neutral. That sent the dollar index higher because the Fed is more likely to raise interest rates. Initial reaction of commodities was negative, but technical factors supported corn and beans. November beans did not fill the gap below $13.50 yesterday morning, so that was bullish and beans had a nice gain for the day. Wheat is more sensitive to a strong dollar and it struggled to close a few cents higher.


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