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Grain markets currently trading mixed. Corn is down two cents, beans up a penny, while the wheat market is 7 to 10 cents lower. The grain markets are hinting at season lows being established but the outside markets are providing a mostly negative influence recently. The DOW is currently down 2700 points since August, crude has fallen over eight dollars per barrel in just a week, gasoline has fallen 69 cents per gallon off its high, while the US dollar index has rallied over 7.5% in the last couple of months. All of these are quite negative influences on the grains. The ousting of House Speaker Kevin McCarthy does not help the financial market gain any confidence in our government and that is assisting or providing additional weakness in the financial or outside markets. This scenario is providing a headwind to any attempted rallies in the grain markets. The trade is monitoring harvest progress and yield reports for corn and soybeans. USDA’s next crop report estimates will be released next week on Thursday, October 12th and until then we look for more choppy back and forth two sided trade.
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