8-25-19

PFT is over and they foundĀ  163.3 corn yield
Smaller crops get smaller and Harvested acres IMHO will be less too.

Outside political news had more to do with corn closing lower for the week.
Seems to me at this price level the BEAR needs to be fed.

1) US / China and tariffs
2) EPA exempted 31 small oil refineries from rules requiring refiners to buy ethanol.
3) Poet closing down a plant and cutting back production of ethanol (100 million bu)

Something positive did happen this weekend:
Japan will cut tariffs on US Beef and Pork to levels to members of TPP agreement.
(US pulled out of the TPP). This should be supportive for meats.

Numbers to watch as resistance Dec. Corn
375 and 395 (which would fill the gap)

Be Safe