October 4, 2023 Daily Grain Commentary
Markets played both sides of the open today, but untimely closed unchanged. River levels are leading the news today as record lows are projected to continue through the following week. River site with the most prominent low is Memphis, TN, pushing an 11 foot deficit, breaking its lowest record.
Corn– Corn mimicked the last five trading sessions, trading 5c higher and lower with no real sign of life. Even with the support of another corn sale to Mexico, the market closed unchanged for the day. Corn is on pace to break the needed volume for tomorrow’s export sales report with Mexico sales alone. Ethanol numbers are substantial, in line with the previous week, the largest production since 2018.
Beans– Beans tried to rally in the overnight and day sessions but was met with resistance. Oils (soy and crude) pushed lower today, likely holding beans back. Meal, like beans, tried to shift higher but close unchanged. Crush margins continue to diminish sharply, so the fact the beans aren’t succumbing to pressure is a good sign.
Wheat– The short wheat rally was slightly devastating for the market. Wheat has only seen a few short rallies since August, usually leading to softer markets. China’s wheat purchase yesterday wasn’t enough to keep wheat trading higher today. Ukraine reported 12 more vessels have moved through the Black Sea through the “safe route.”
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