Corn up 1
Beans down 2
Yesterday, the December corn contract closed 1 ½ cent higher, settling at $3.74 ¾, and the July contract was ¼ cent higher closing at $3.98. The corn market moved higher with colder weather moving into the forecast models, threatening the northern regions' immature crops, and Mexico buying 7.8 million bushels of corn. The November soybean contract closed 1 ¾ cent higher, settling at $8.94 ¼, and the July contract was 1 ½ cent higher closing at $9.36 ½. Cold weather working into the models too helped soybeans move higher yesterday, but beans are trading down on the overnight as trade feels any loss in production could be offset by weaker demand, and improving weather in Brazil. U.S. and Chinese officials are set to meet in October, but current rhetoric leaves trade uncertain.
With the onset of African Swine Fever, China has gone on a meat buying spree trying to fill the protein void, and this has been driving up worldwide meat prices. In Brazil, poultry shipments to China jumped 31% and retailed prices have increased 16%. American’s so far have not felt the impact, but Chinese officials could soon exempt U.S. pork from the current retaliatory tariffs, driving up producer and retail prices, only time will tell though.