10/10/18

Good morning. Grain and soybean markets are steady/lower this morning after trading both sides of yesterday’s close during the overnight session. Other than weather, news is limited ahead of tomorrow morning’s October Crop Report. Computer models are in relatively good agreement that the Midwest will see a much drier trend evolve beginning next week and lasting for at least two weeks. Moderate rainfall will affect mainly the eastern Midwest today and tonight.  Harvest progress will still be rather slow in much of the northwestern belt the rest of the month as wet soils will be slow to dry with cool temperatures the rule. The weekly EIA energy report, including ethanol production and inventory numbers is delayed to tomorrow. Although ethanol inventories have a seasonal tendency to rise during October, U.S. ethanol is cheaper than Brazilian supplies and exports are expected to be strong through the end of the calendar year. President Trump yesterday announced the plan to allow the sale of E15 during the summer months. The EPA has to implement the change which will undoubtedly will challenged by the oil companies.  A quiet trade looks likely again today. Have a good Wednesday.