Morning Quick Notes

Overnight
Harvest delays due to wet weather is supporting grain prices this morning. Wheat is up 3 cents, corn is up 2 cents, and beans are up 3 cents.

Morning Headlines
President Trump is ready to tell Iowa that year-round sales on high-ethanol gasoline will be allowed.

Brazil soybean output is seen rising the 12 months that start Feb. 1 and may climb to 123m tons from 119.5m a year earlier according to USDA FAS. The increase in production is due to planting area expansion amid expectations of continued strong prices.

Exports from Brazil could potentially increase, reaching record numbers, due to China demand.

The U.S. Midwest weather forecast continues to show a stationary weather front that should bring extremely wet weather west of a line extending from Kansas to Michigan, with rainfall amounts between 4 to 8 inches in eastern Kansas, northwest Missouri, Iowa, northern Illinois, southern Minnesota, Wisconsin and eastern Michigan.

October 11th WASDE out @ 11 a.m.

Chart of the Day
Weekly total U.S. fuel ethanol production dropped off for a second straight week, to 1.015 million barrels per day, compared to 1.036 mln bpd last week and 1.051 mln bpd the week prior; that is still above the comparable week last year at 1.010 mln bpd. Cumulative output through four full weeks of the 2018/19 corn marketing year stands at 1.031 mln bpd, up from a 1.022 mln bpd early pace last year, and last year’s seasonal ethanol production low came this up-coming week (ending 10/6/17 last year) at just 967k bpd.