MarketEdge PM Comments
Oct 12, 2023
(Sam Bair)
Good evening, grains finish in the green after today’s session. December corn futures are up 8 pennies closing at 496^0, while March corn futures finish up 7 and a ¾ closing at 511^4. November bean futures are up 37^4 closing at 1290^0, and January bean futures finish up 36^4, closing at 1308^6. Wheat also closed in the green.
USDA WASDE report today, although within estimates yield for corn and beans were lowered slightly from previous estimates.
WASDE:
Carryout
Corn - 2.111 Bil. Bu(within expectations) V 2.221 in September
Beans- .220 Bil Bu (within expectations) V .220 in September
Yield
Corn - 173.0 Bu/acre (within expectations) V 173.8 Bu/acre in September
Beans- 49.6 Bu/acre (within expectations) V 50.1 Bu/acre in September
Good evening, grains finish in the green after today’s session. December corn futures are up 8 pennies closing at 496^0, while March corn futures finish up 7 and a ¾ closing at 511^4. November bean futures are up 37^4 closing at 1290^0, and January bean futures finish up 36^4, closing at 1308^6. Wheat also closed in the green.
USDA WASDE report today, although within estimates yield for corn and beans were lowered slightly from previous estimates.
WASDE:
Carryout
Corn - 2.111 Bil. Bu(within expectations) V 2.221 in September
Beans- .220 Bil Bu (within expectations) V .220 in September
Yield
Corn - 173.0 Bu/acre (within expectations) V 173.8 Bu/acre in September
Beans- 49.6 Bu/acre (within expectations) V 50.1 Bu/acre in September
- Look for markets to continue to focus on yields and harvest pressure, as well as demand from exports.
- Livestock finish mostly higher with all cattle contracts in the green, and Oct hog contracts finishing slightly lower.
- Dow Jones, Nasdaq, and the S&P 500 finish lower, while the US dollar finishes in the green.