October 31, 2023 Grain Commentary
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.
The DeLong Co., Inc.