In the overnight grains are mixed. Wheat up 3 cents, corn unchanged, and beans down 3 ¼ cents.
Wet weather continues to slow harvest this week as forecasts are calling for an additional 1 to 2 inches of rain over the next week for much of the Corn-Belt. Hurricane Michael is taking aim for northern Florida and the East coast some time tomorrow.
The IMF said this morning the trade war between the US and China is slowing the global economy. They trimmed their assessment for global growth 2% this year and 1% next year.
President Trump is expected to raise the year round level of ethanol to 15% today at a rally in Iowa.
In August the percentage of US soybeans that went to China was 94.75% less than last year, it was 2% of all soybeans China imported. China still has 1.4 mmt on the books with the US. Soybeans in China were up 10 ¼ cents. Soybean meal in China traded up 6.60 yuan it settled at 3,481 yuan.
Chart of the Day
Today’s chart shows 5-year highs for CZ in April, May, June, and July, along with the average of 5-year highs for the same months. Average high for CZ 5-year is $4.33/June.