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October 31, 2023 Grain Commentary

Kasey Baker
Daily Grain Commentary
Oct 31, 2023

Market Re-Cap 10/31/23

Happy Halloween! The weather is throwing tricks instead of treats today.


Corn– Another range bound trade for corn. It was creeping ¾ of a cent higher on the December and March contracts. The December closed at 4.79 while March is at 4.93 ½. Corn only gained 2 cents for the month. The October harvest insurance price finished out today at $4.88 ½. This lower price implies a payout on the 85% coverage of the Revenue Protection plan. However, 75% did not quite collect on price alone.




Beans– Beans had a healthy rebound after yesterday, but old held a 4.25cent gain, closing at 13.11 ½ on the January contract. October harvest price for crop insurance is $12.84, which will not likely warrant payment on price alone. The end of the month calls for some stats; in the graph below, Soymeal and Soybeans are in the top commodities performers for October.


Wheat– Wheat continues to crumble. HRW wheat lost 15c, and SRW wheat lost 8. HRW wheat is setting new contract lows while SRW is holding above the 5.50 support. China has been buying wheat from France and Australia, not the US. US wheat is out of the running as cheap wheat is also available in Russia and Ukraine despite the price drop.


Kasey Baker
The DeLong Co., Inc.


The risk of using futures and options can be substantial and individuals must consider whether they are suitable for their operation. Marketing advice is based on information obtained from third-party sources and is believed to be reliable, but not guaranteed by Yield 365. Past performance is not necessarily indicative of future results. Marketing advice reflects our good faith judgement at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades.