CBOT will reopen Monday evening at normal time.
Tidbits
Crude oil prices were more than $2 lower yesterday due to economic concerns in China and the news OPEC+ is considering increasing production in October. The Energy Information Agency reporting U.S. oil demand in June was the lowest seasonally since 2020 added selling pressure. Note that Libya’s daily crude oil production is down 700,000 barrels per day from a week ago and expected to be down 1.1 million bpd next week.
The Buenos Aires Grain Exchange (BAGE) is expecting corn acres to be down 17.1% from a year ago due to economics and Corn Stunt disease.
Less than 1% of the 2024 crop remains to be harvested and that the crop is 46.5 million mts according to the BAGE (USDA 50). The USDA projects the 2025 Argentine corn crop will be 51 million mts. That will not happen if corn acreage is down 17%.