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.
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.