October 16, 2023 Daily Grain Commentary
After taking a short rain delay, combines are rolling again. Forecasts show a few days of sunshine followed by cooler and wetter weather. Even after recent rains, some river levels are still setting new lows. Harvest is progressing faster than usual, with mixed exports making for a confused market.
Corn– Export inspections remain low today, shipping out a disappointing 18 million bushels in the previous week. The shipments are far from the pace needed to meet USDA expectations, as this is the lowest week of the year. US corn harvest is 45% completed, 3% ahead of the 5 year average. The eastern states are an average of 10% behind the average pace, while western states are ahead.
Beans– Unlike corn, beans were supported by export inspections for the previous week. China finally stepped in and purchased beans, totaling 73.9 million bushels shipped. Demand out of the PNW is strong as 30 more ships are expected to be loaded in the next week. Bullish crush numbers lead soyoil higher, also supporting beans. US bean harvest is 62% completed, 10% ahead of the five year average. Beans are on track to be completed or mostly completed before the next rain system.
Wheat– Wheat has little news to push higher. Demand still needs to improve for exported wheat. 2023 is projected to be one of the lowest volumes shipped in recent history. Hopefully, wheat’s low expectations are not the future for other commodities. US winter wheat planting is at 68%, in line with the five year average.
The DeLong Co., Inc.
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