10/4/2019 7:30:25 AM
- In weather, the US forecast model is calling for a temperature drop of 10 to 20 degrees by October 11Th for MN, IA, WI. Rain is expected to move through much of the corn belt from Kansas City to Chicago over the next 3 days.
- The September jobs report showed the US added 136,000 jobs in September putting unemployment at a 5 decade low of 3.5%.
- The Trump administration is said to be releasing details for his biofuels plan today.
- China remains on holiday, marking 70 years of communist rule. China and the US are scheduled for talks next week in hopes of easing the tariff war.
- Outside markets as of 6:33 am CDT: The Dollar is down 86 at 98.778, crude oil is up $0.02 at $52.66, the Dow Jones is up 29.53 at 26,078.04, the Nasdaq is up 87.02 at 7,872.27. Gold up $2.50 at $1,503.55. The Nikkei was up 68.46 points at 21,410.00, the FTSE is up 22.76 points at 7,099.94.
Outlook: Soybeans steady to 2 cents lower on profit taking.
- The wheat complex was lower overnight on technical selling. For the week, December 2019 Chicago wheat is unchanged. For the week, December 2019 Mpls spring wheat is down $0.15 ½, while KC wheat was down 2 cents.
- Strength in the Mpls spring wheat market stems from quality concerns.
- China bought 130 tmt of white wheat yesterday from the US for the 19/20 marketing year.
- South Korea bought 60 tmt of feed wheat, likely from a Black Sea origin.
- Paris milling wheat was 0.560 euros lower at 175.50 euros.
Outlook: Chicago steady to 2 cents lower, KC wheat 1 to 3 cents lower, and Mpls steady to 3 cents higher on ongoing quality concerns for DNS.