USDA To Release Monthly Soy Crush Report
Dec Corn and Jan Soybeans Up in Overnight Session
In the overnight session December corn increased ¼ of a cent after trading at the lowest price in over a year at $3.37. January soybeans increased 3 ¾ cents and December Chicago wheat was down 1 ½ cents. Southern Brazil is expecting more precipitation on Thursday and Friday. The precipitation is expected to move north into early next week; outlook will benefit the majority of the corn and soybean crop. There is some dryness in parts of Argentina as the country continues to plant soybeans. Stress on the crop is limited for now because of long term soil moisture reserves.
Today at 11 AM CST NOPA will release their monthly crush report. The National Oilseed Processors Association represents 13 companies that make up over 95 percent of soybean crush in the United States. Analysts are expecting 164.475 million bushels of soybeans crushed in the month of October. This would be a sharp jump higher from September's report that showed only 136.419 bushels crushed during that month. The month of October typically has very large crush numbers as plants ramp up production during harvest. The largest monthly crush on record was reported in October 2016 at 164.641 bushels.
In July, California added Glyphosate to a list of cancer causing chemicals and would require all products containing the chemical to carry warnings by next July. Monsanto is suing California on Wednesday to halt the labeling requirement. Monsanto rejects that the chemical causes cancer and says that the requirement would force retailers to “spread false information”. This claim is in contradiction of the World Health Organization's research that concluded that Glyphosate was “probably carcinogenic”.
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