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3 Big Things Today, October 1

U.S., Mexico reach New NAFTA agreement.

1. Corn Moves Higher, Beans Drop Slightly

Continued rainfall delaying U.S. harvest activity, trade news, and a hangover from Friday’s government report that showed big grain stocks will be on the traders’ plates to start the month.

In overnight trading, December corn futures are 2½¢ higher at $3.58; March futures are 2½¢ higher at $3.70.

November soybean futures are ½¢ lower at $8.45; January soybean futures are ½¢ lower at $8.59.

 December wheat futures are unchanged at $5.09.

The macro markets will be focused on the the September Markit U.S. manufacturing PMI, the September ISM manufacturing PMI, August construction spending, and September auto sales.


2. Markets Watch Weather, Trade, and Large Supplies

This week’s grain markets will be trading weather, the latest news on trade, and big grain supplies.

In its Quarterly Grain Stocks Report, released Friday, the USDA pegged the U.S. corn stocks, as of September 1, at 2.14  billion bushels vs. the average trade estimate of 2.010 billion bushels and 2.293 billion bushels at this same time a year ago.

For soybeans, the USDA pegged the September 1 U.S. stocks at 438 million bushels vs. the average trade estimate of 401 million bushels and 302 million at this time last year.

Also, the U.S. September 1 wheat stocks were estimated at 2.379  billion bushels vs. the average trade estimate of 2.343 billion bushels and 2.266 billion a year ago.


3. U.S. and Canada Reach New Trade Deal

On Monday, the grain traders will be digesting the news that the U.S. and Canada have forged a last-gasp deal on Sunday to salvage NAFTA as a trilateral pact with Mexico, according to Reuters news service.

USDA will release its Weekly Crop Progress Report later today. Due to continued rainfall throughout the U.S. Corn Belt, harvest progress has been slowed.

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