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 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.
Have a great evening.


Read More News

Sep 30, 2023
Grains ended up in the red headed into the weekend.
Sep 29, 2023
Good Morning.  It is Report Day.  At 11am, USDA will release the highly anticipated Quarterly Stocks Report. 
Sep 28, 2023
Corn and soybean futures were lower overnight.