MarketEdge PM Comments

Oct 11, 2023

(Allison Ryan)
Corn trended slightly higher, contradicting both wheat and beans. December corn was up 2½ and December ’24 was up 3. November beans were down 19 and November ’24 was down 9¾. Wheat was also down 2-4.
  • The Mississippi River levels continue to remain at record lows, causing logistical issues; parts of the Central Plains are forecasted to get showers through the weekend and could potentially help out the situation, with 1-4” inches forecasted
  • Many wonder if exports will be cut on tomorrow’s report due to low river levels and lack of shipments (especially beans) through the Gulf
  • The uncertainty of what the USDA is projecting for yields pushed corn slightly higher today- average trade guess is slightly lower
  • Despite two flash sales of beans announced this morning, one to China and one to unknown destinations, the bean board was down double digits
  • Last week’s unexpectedly high bean export inspections were corrected today, lowering them- driving this bean market lower
  • Tomorrow’s WASDE report comes out at 11- visit with your originator to get offers running through the day on some target prices
  • The Dow was down slightly, crude was also down, and the Dollar was firmer
Have a great night.

Read More News

Nov 01, 2023
Grains were mixed, with corn down and beans up.
Nov 01, 2023
Corn and soybean futures stayed close to unchanged overnight.
Oct 31, 2023
Corn and soybeans both traded higher today.