Written Commentary
MORNING OUTLOOK
USDA stocks and small grains report day. Grains are quietly mixed. SX is up 1 cent and near 12.85. SMZ is near 339.5. BOZ is near 58.20. CZ is up 1 cent and near 5.40. WZ is up 4 cents and near 7.14. KWZ is up 5 cents and near 7.16. MWZ is up 5 cents and near 9.09.
US stocks are higher. US Dollar is mixed. Crude is mixed. Nat Gas prices are higher. Electricity shortage slowing China economy. Month end Quarter end. US companies challenged due to higher cost, labor shortages and slowing demand.
Confusing night last night in Washington. Senate needs 60 votes for raising the debt ceiling. They don’t have it so they are trying to keep the government open through December without raising the debt ceiling? Shutdown could rally US Dollar, US treasuries and gold. Evergrande missed another payment but most feel China will not allow a systematic problem. All Evergrande assets are for sale. Estimated Evergrande default… $300 billion.
US corn and soybean harvest continues. Corn yields lower, soybean yields higher especially IA and IL. Trade needs new export demand to push corn and soybean futures over key resistance. SX trend line resistance 13.18. CZ resistance 5.50 then 5.66. WZ support 7.00. resistance 7.30. China was pricing US soybean futures on Wednesday.
There were no Oct soymeal deliveries, 89 Oct soyoil. Dalian soybean, corn, soyoil higher. Soymeal lower.
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