MarketEdge PM Comments

Sep 08, 2023

(Taylor Bensenberg)
Good afternoon, 
Grains were mixed to end the week. December corn closed down 2 ½ at 4.8375 and March corn closed down 2 at 4.98. November soybeans closed up 3 ½ at 13.63 and January beans closed up 4 ¼ at 13.78. 
  • Weekly export numbers were released earlier today. 
    • New crop corn: 949,700 MT
    • New crop bans: 1,783,100 MT
  • Exporters announced the sale of 4.4 million bushels of beans for delivery to China. 
  • Argentina's 2023/2024 crop production is expected to increase significantly as El Nino should bring rain to key growing areas.
  • The September WASDE Report will be released next Tuesday. 
    • Traders are expecting lower yield estimates and higher harvested acreage. 
    • The corn carryout projection is 2.14 billion bushels. 
    • The bean carryout projection is 207 million bushels. 
Have a great weekend! 


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