Morning Market Review by Bryce Knorr
Futures are trading mixed this morning, in very quiet trade. Outside markets could come into play today, when the latest jobs numbers come out at 7:30.
Corn prices are lower, following two-sided trade that kept the market locked in its fairly tight trading range for the week. With demand news weak, traders are anxiously awaiting next week’s updated production estimate, due out Oct. 11.
Export Sales reported were again poor, coming in at 12.9 million bushels, below the rate needed to meet USDA’s forecast for the marketing year. South Korea bought a test load of corn from Russian, as it seeks to diversify suppliers in the wake of this year’s drought.
China took another 4.25 million bushels of shipments from the U.S., despite reports of a good crop there from the U.S. Grains Council. Futures on the Dalian exchange in China are closed through Friday for the Golden Week holiday. Corn in Paris was off .19% in morning trade.