9/2/2021

Today was a very quiet day in the markets.  Storm damage from Ida is still being surveyed as some start to get power back, but others will not have power for weeks.  Some export ports in the Gulf have extensive damage and will take time to come back online, which has caused a shake up in the grain markets.  Some sales have shifted to the PNW to try and alleviate the pressure, but that’s only a band aid on the problem.  It will depend on how long these ports are down to know the full extent of the issue.  Barge traffic is also going to be an issue until troubled areas clear up.  Spreads have relaxed to give us some carries, so if you are sitting on HTA's that you don't plan on hauling this fall it might be a good time to take a look at getting them rolled out.  This is an opportunity we might not have gotten otherwise.   We did have another export sale announced this morning of 126,000 metric tons of soybeans for delivery to China.  There are no markets on Monday.  September 10th is our next monthly USDA report and as we mentioned yesterday, they plan to take a look at planted and harvested acres on this report.  That could be worrisome and may be another reason spreads relaxed.