MarketEdge PM Comments

Sep 06, 2023

(Allison Ryan)

Beans and corn started the day higher, but corn couldn’t maintain staying positive. December corn was down ¼ cent, while November beans were up 11¼.
  • Yesterday’s crop condition ratings carried through to today, with beans down 5% on good to excellent, and corn down 3% on good to excellent.
  • Wheat was also higher due to concerns about the wheat crop in Australian with El Nino conditions.
  • Rumor has it that Russia is also struggling to finish harvest and plant wheat due to lack of fuel.
  • Keep an eye on old crop basis if you have any bin bushels left to move; as new crop hits the market, basis will continue to dwindle.
  • Brazil is expected to substantially increase both corn and bean exports compared to last year’s September shipments.
  • The Dow was lower, crude was higher, and the Dollar was firmer.

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