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Edwards Market Thoughts

9/21/18 8:00am

Fall is in the air after a three days of humidity and heavy rains! They always say if you don't like the weather you have just wait around a few minutes it will change, As is the markets as it would seem!

Seems like the lottery yesterday on what caused the rally in the grain markets. Argentine export taxes, Argentine imports of U.S. soybeans (to then go to China), China cutting import taxes and planning economic stimulus, and too much rain in the Midwest made the list.

Some news out of Argentina: The eternally cash strapped country is nearing a deal to secure funding from the International Monetary Fund. If a deal is secured, their currency will rally, which will at the margin discourage farmer sales. That in theory should help U.S. exports. Also, it is rumored Argentina has been a regular buyer of soybeans out of the U.S. gulf. They will crush those soybeans and export the meal abroad. That allows them to satisfy their current sales commitments, while at the same time exporting their whole soybeans to China for a premium.

Dow making a new all-time higher yesterday. Futures trading 34 points higher this morning. Crude up .52 at $70.84. US $ Index firm.

Have we made a seasonal low in CZ18? Only once in the previous 10 years has the seasonal low on the CZ18 contract been made in the month of September. December the most common month of the last 10 years at 4.

DECEMBER CORN:  First resistance is the 20-day moving average at $3.58 ¼. Second resistance is the 50-day moving average at $3.67 ¼. First support is monthly support at $3.40 ¼. Second support is monthly support crossing at $3.29 ¾.

 

 

 

 

 

 

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Local Weather

Sioux Center, Iowa (51250)

Current Conditions: Sunny
Temperature: 52°F Dew point: 48°F
Humidity: 87% Pressure: 30.00 in. Hg
Wind: 6 mph From: South

Forecast

Sunday

Hi: 73°
Lo: 56°
Monday

Hi: 72°
Lo: 49°
Tuesday

Hi: 63°
Lo: 41°
Wednesday

Hi: 62°
Lo: 46°
Thursday

Hi: 62°
Lo: 41°

Zip Code:

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Siouxland Cash Bids
Name Delivery End Basis Cash Price Futures Price

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Quotes retrieved on September 23, 2018, 07:36:23 AM CDT
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Commentary
Wheat Market Commentary -

Wheat futures were down 1 to 2 1/4 cents in most KC and CBT contracts on Friday, with MPLS 5 to 6 cents lower. All three markets saw gains in the

Soybeans Market Commentary -

Soybean futures settled with losses of 2 to 3 cents in the front months to end the week that saw Nov up 2.02%. Soybean meal was down $5.50/ton on

Corn Market Commentary -

Corn futures closed the Friday session with most contracts 4 to 5 cents in the green. Nearby Dec was up 1.56% over the course of the week. A private

Ag Market Commentary -

Corn futures closed the Friday session with most contracts 4 to 5 cents in the green. Nearby Dec was up 1.56% over the course of the week. A private

Cotton Market Commentary -

Cotton futures saw 3 to 52 point gains on Friday, as Dec was down 3.3% on the week. As of September 13, weekly export sales data shows upland cotton

Lean Hogs Market Commentary -

Lean hog futures finished Friday with losses of 70 to 95 cents in the front months, with Oct up 7.25% on the week. The CME Lean Hog Index was up

Full commentary...