MarketEdge PM Comments
Sep 27, 2023
(Allison Ryan)
Corn and beans closed up, although off their highs of the day. December corn was up 3½, and December ’24 was also up 3½. November beans were up ½ and November ’24 was up 7. Wheat was down 5-9.
Corn and beans closed up, although off their highs of the day. December corn was up 3½, and December ’24 was also up 3½. November beans were up ½ and November ’24 was up 7. Wheat was down 5-9.
- Corn has closed positive four days in a row now, which may be a huge accomplishment from here on out with a 2+ billion bushel carryout.
- The end of the quarter comes Friday, bringing the USDA quarterly stock report- most analysts are expecting corn to come in around 1.429 billion bushels, which is slightly higher than a year ago at 1.377 billion bushels, and beans around 242 million bushels, lower than last year’s 274 million bushels.
- The potential of a government shut down is also looming.
- The Mississippi River reached new record lows in Memphis, which continues to put pressure on increasing barge freight and decreasing basis levels on the river, especially in beans.
- Most of the corn belt will remain dry for the immediate future, but the 8-14 day forecast looks warmer and wetter for much of the Midwest.
- Basis continues to weaken as harvest inches along and we see new crop trickling in locally.
- The Dow was lower, crude is up, and the Dollar was firmer.
- Visit with your grain originator to come up with a plan for harvest bushels- there is still some premium the next week or so if you have bushels available to move.