MarketEdge PM Comments

Sep 11, 2023

(Taylor Bensenberg)

Good afternoon, 
Ending the day in the green this afternoon. December corn closed up 2 at 4.8575 and March corn closed up 2 ¼ at 5.0025. November soybeans closed up 6 at 13.69 and January closed up 6 at 13.84. 
  • Markets seem to be range bound in anticipation for tomorrows WASDE Report 
  • For the 22/23 marketing year, China's soybean imports are set to reach a record 101 MMT.
  • Crop conditions were released today along with the first harvest progress numbers.
    • Illinois and Iowa corn harvested is at 2%
    • Illinois corn and bean condition is 58% good/excellent. 
    • Iowa corn is 46% good/excellent and beans are 44% good/excellent.
  • The Mississippi River levels are very low in some areas causing groundings and closures, this is making barge freight rates increase.
  • The Fed will be meeting next week to decide on interest rates.
Attention Iowa Customers
Governor Kim Reynolds signed a Harvest Weight Proclamation today that is effective immediately and continues through October 11, 2023. The proclamation allows vehicles transporting corn, soybeans, hay, straw, silage, stover, fertilizer, and manure to be overweight (not exceeding 90,000 pounds gross weight) without a permit for the duration of this proclamation. For more information, please visit the site linked below.

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.