MarketEdge PM Comments

(Allison Ryan)

Corn and beans closed relatively flat, with December corn down 1½ and November beans up ¼ cent. December ’24 corn was down 1 and November ’24 beans were down 2. Wheat was down 8-10.
 

• A fairly uneventful day with lack of news in the marketplace; the market is waiting for the next mover, including the USDA’s October WASDE report set for next Thursday, October 12
• Wheat was the most active, with inexpensive Russian wheat continuing to put pressure on that market
• Corn slid back a little with pressure from wheat today; meanwhile, basis is mixed across the Midwest of the “haves” and “have nots” of corn harvest
• The river levels on the Mississippi River continue to put pressure on basis, and potentially leading to less selling of beans across the scale this fall
• The extended forecast for mid October looks to be normal precipitation and warmer
• The Dow was fairly steady, crude was down, and the Dollar was softer

Have a great evening.