Highlights
Yesterday was an all-around ugly attitude day for a variety of reasons, none-of-which justified the magnitude of the lower price movement.
Rainy season is getting stronger in Brazil.
Good harvest weather in the U.S., which we know it would be last week.
China’s economy is not going to get fixed soon enough to maintain demand for crude oil and all other commodities. Crude was down more than $4 at one point for the second consecutive day.
Disappointing corn and wheat export inspections.
A stronger dollar.
A fairly hard sell-off from Monday’s all-times highs on Wall Street.
Israel said it would not hit Iran’s oil facilities.
Etc.
NOPA soybean crush in September was above the highest estimate at 177.32 million bushels and 7 million bushels above the average estimate. Better yet, soy oil inventory was slightly less than expected and the lowest since November 2014.
Harvest Progress: