Grain Notes 9/30/22 PM Comments

(Caleb Kaufmann)

The USDA had a surprise for us today for US corn stocks. Corn stocks as of Sep 1 came in well below the trade estimate of 1.52 bln bushels leaving us at 1.377 bln bushels in the country. The 2021 crop size was reduced by 41 mln bushels and fourth quarter feed demand was raised 141 mln bushels. We sit at a 9.2% stocks/use ratio. December corn closed up 8 cents at $6.7750.
The report had the opposite effect on soybeans, which at one point before the report were up 20 cents. The USDA said there is 13% more soybeans on the country than traders had thought increasing the 2021 crop size by 30 mln bushels. November beans closed down 46 cents to $13.6475.
For the week, December corn ¾ of cents, March corn gained 2 ¼, November beans fell 61 cents, and January beans were down 56.
Russian President Putin announced the annexation of the four regions in eastern Ukraine that Russia holds territory in following the “referendums”. He also said they will defend Russian territory with all force and said the US has set the precedent for nuclear war in Japan in 1945.  
River logistics continue to be a mess, check with your River Valley Grain Originator before delivering any loads as your normal market may not be the best market.
Have a great weekend!