10/01/2024 Longshoreman Strike, Grains Try to Hold

On the Grains
Good morning, yesterday’s USDA stocks report was everything that we thought and maybe a slight touch more. Corn was the leader, as usually is in September stocks report, although we are lacking follow-through this morning and the energy complex is pulling gains down with it. Crude oil is off $1.24 this morning at $66.92 eyeing the low from September 10th of $64.61. Increased supply from OPEC+, set to unwind production cuts around December, and poor economic data from China. The latest reports show that they had a 5th consecutive month of contraction in manufacturing activities. While China has stepped in to booster its economy recently, it’s going to take time.