West Central Ag Grain Comments 09/10/25 8:34:41 AM
9-10-25
Good morning. Grain prices are mixed on what was another quiet overnight session. Ethanol numbers are out this morning. The trade awaits more harvest data and the crop report on Friday. Conab is out with Brazilian numbers tomorrow morning. Export sales also out tomorrow morning. Feeder cattle finished down the limit yesterday with a sell pool of around 500 contracts at the close. Estimates for the crop report are below. It is out at 11:00 a.m. on Friday. The trade is looking for smaller corn and bean crops and slightly smaller new crop ending stocks. The final wheat production numbers will be released in the small grains summary at the end of the month. Sept. 30th also brings quarterly grain stocks and final corn and bean production numbers from 2024. Bean oil futures were down yesterday on news that 42 legislators, mostly from oil refinery states, were presenting legislation to prevent the EPA from reallocating RIN obligations to larger refineries. The legislation also requested that 100% RIN values would hold for imported biofuels and feedstocks. The recent EPA proposal stated that RIN values would be reduced to 50% for imported feedstocks. The weather forecast still looks hot and dry. Moisture levels are likely to quickly retreat on corn and soybeans. Next week is expected to bring more general harvest. River levels are falling away. See chart of Memphis below. Drafts are cut to 10’6” from Cairo to Lake Providence. Lake Providence and south is cut to 11 feet. President Trump is urging the EU to impose 100% tariffs on China and India for importing Russian oil. U.S. trade officials hinted that the U.S. could mirror what the EU does. The Supreme Court stated that it would fast track arguments on President Trump’s tariff cases to early November. Volumes and volatility for grains have shrunk in recent sessions. It could pick up a bit on Friday’s report, but only if numbers come in sharply different than expectations. Have a safe day.
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