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      West Central AGRI Services       CLICK - MFA CUSTOMER PORTAL  
West Central Ag Grain Comments  10/24/22 11:05:14 AM

Good morning. Corn and soybean markets traded lower all night, pressured by the ongoing harvest. The Dollar is little changed to begin the week; crude oil is down a dollar – December WTI futures are trading just below $84. Chinese President XI was installed over the weekend for a 5 year term. Xi immediately shook up the communist party’s top officials by naming officials that are extremely loyal to him. This likely means China will take an even harder line stance on a number of issues including trade. Going forward, China can be expected to buy as many agricultural goods as possible from countries other than the U.S. The weekly Crop Progress report is expected to estimate that 75 to 80% of the U.S. soybean harvest is complete. Corn harvest is expected to be estimated to be 55 to 58% complete. The lower Mississippi River continues to fall out, with numerous groundings reported over the weekend. There were a number of points that were closed for a time Saturday and Sunday including mile markers 925, 738, 681, 627 on the lower Mississippi and markers 44 and 126 on the upper Mississippi north of Cairo. A large swath of the middle of the country is expected to get a 1 to 2” rain the next couple of days with the rain falling on the eastern half of Texas through Oklahoma, Arkansas, Missouri, and central Illinois. The river will see a small rise from the rain, but probably not enough to eliminate all the low water trouble spots, at least not until additional rains fall.  Next Monday is first notice day for November futures. We will report long positions after the close Friday. Bullish news is absent to start the week.  The harvest related selling is likely to keep corn and soybean markets on the defensive today. Have a good Monday

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