October 30, 2023 Grain Commentary
Market Re-Cap 10/30/23
Weather conditions lead to softer trades today. Moisture in the Corn Belt has calmed some concerns over the river levels. The same sediment for rains in Argentina as rain improves crop conditions for early planted beans and 1st crop corn. Corn and beans played both sides of the open while wheat trekked lower.
Corn– Sideways movement for corn today, moving only three cents on either side of the open. Corn export inspections were higher than last week and last year, shipping 20.925 million bushels. The pace needed to meet USDA demand is 41.6 million bushels. Therefore, corn needs more shipments to be on track. Corn in the US is at 71% harvested, an increase of 12% from the prior week. See the picture below broken down by state-
Beans– Bean opened on the higher side, following through from Friday’s rally. The meal market has been a great support for the beans; however +3% loss in meal lead beans lower by the close today. January beans are down 12.25 cents, only 2 cents above the daily low. The weakness followed through the proceeding contracts as far out as you could pull. Export inspections also let down beans. After coming off a substantial number, beans last week hovered the lower end, only shipping 69.511 million bushels. Although lighter than hoped, this is still ahead of the needed pace to meet USDA projections. Us bean harvest is 85% completed, a 9% increase from the previous release. See the map below of the state’s progress-
Wheat– Wheat markets are mixed with SRW wheat lower and HRW wheat higher. Even though HRW wheat closed a penny higher, it is straddling a 2-year low. Winter wheat planting is at 84% complete. 2023 is only 1% behind the five year average and 2% behind the previous year.
The DeLong Co., Inc.
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