October grain options expire today. It is usually a down day plus we may see some pre-hedging this afternoon. Prehedging is merchandisers selling futures late on a Friday prior to a harvest weekend to hedge the grain they expect to buy over the weekend. There won’t be much, but the specs may not know that.
Yesterday morning, the USDA announced the sales of:
105,000 mts of 2022 corn to Mexico
101,600 mts of 2022 corn to unknown
Yield Report Saunders County, NE Nebraska about 70 miles west of Omaha:
Last year we had very good yields. Some irrigated fields were 80 bu. (beans). Those fields are in the 50 bu. this year. Have heard in the area dryland 20-35 bu. Rains were very spotty this year. Truck wait time at ADM Processing in Lincoln is shorter so far. Today we plan to harvest our first full dryland field.
Thank you, Sharon.
Yesterday’s Kansas crop yield report was from Arlen, who I was remiss not to thank.
No news on the railroad strike vote. There are pockets of picketing strikers in at least a half dozen rail yards from Minot, ND to North Platte, Ne.
The G-7 (top non-communist financial countries) announced yesterday morning they have given up the plan to cap Russian crude oil prices. The plan was to put a cap in place in early December. Crude oil prices went sharply higher.