MarketEdge PM Comments

Sep 13, 2023

(Allison Ryan)

Grains rebounded a bit after yesterday’s USDA WASDE report. December corn was up 5¾ and December ’24 was up 4½. November beans were up 3¼ and November ’24 was up 3¾. Wheat was also up 5-10.
  • Yesterday’s report pushed corn down towards the bottom end of our month-long trading range, but rebounded today, holding that support at $4.75.
  • There is some doubt yet that the USDA’s yield of 173.8 is still a little on the higher side, sending speculators into a bit of technical buying today.
  • Bean export expectations from Brazil continue to grow week over week.
  • The global wheat carryout is relatively tight; we haven’t seen this low of carryout since 2015, which could put some demand back on other grains.
  • The eastern corn belt should continue to be dry nearby, while the western corn belt could receive some precipitation; the 8 to14 day outlook looks warmer and wetter across the Midwest.
  • As combines get rolling, we’ll hear more and more numbers, but to date, there’s quite a bit of discrepancy even within fields of yield data.
  • Keep an eye on basis levels as river issues continue to plague the market and take advantage of any pops in the futures market to get more on the books.
  • The Dow and crude were slightly lower, and the Dollar was softer.
Have a great evening.

Read More News

Sep 28, 2023
Corn and soybean futures were lower overnight.
Sep 27, 2023
Corn and beans closed up, although off their highs of the day.
Sep 26, 2023
Good afternoon, corn and soybean had a mixed day with a macro market sell off.