Midday Comments for Tuesday, October 3rd:

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Currently corn and soybeans are trading lower, corn down 1-2, beans down 6-7, and the wheat market is trading higher. Wheat is up anywhere from 4 cents in Chicago to 7 cents in Minneapolis. Soybeans lower as USDA raised the US crop condition rating for soybeans by 2% up to 52% good to excellent. This was seen as a bearish piece of news and is pushing soybeans a little lower today especially given the fact we are entering the peak of harvest. The US corn crop was unchanged at 53% good to excellent so no market moving news there. Corn will likely hit its peak of harvest as we move through the middle of October. China is on their golden week holiday. Generally that results in a fairly quiet news coming out of China. USDA did announce four cargos of SRW wheat sold to China and 5 cargos of beans sold to China in their daily reporting system. These sales may have taken place before China went on their week long holiday. Corn, soybeans and wheat could all be in the process of establishing seasonal lows at this time. For that reason we are holding off on any new sales. We expect more choppy trade. Overall we feel prices are in the process of making seasonal lows.

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