October 9, 2023 Daily Grain Commentary
No crop progress or other USDA reports are today as the offices are closed for Columbus Day. Estimates for the Sunday open were firmer trade. Yet, South American weather, new strikes in Ukraine, and China returning from holiday did not prove enough strength to support chatter of a higher than expected yield.
Corn– Weekend positive news was outpaced by trade estimates of a higher yield in this week’s USDA report. The average trade estimate currently is 173.5, which is .3 bushels, less than the September report, but after the weekend yield discussion, the estimates are leaning higher.
Beans– Dry weather is posing a concern on the Brazil crop, especially the planting progress. Markets were hoping for new sales from China upon their return from holiday, yet with offices closed, there was no confirmation today. The soyoil market dumped today while meal traded slightly higher. Thursday’s USDA report estimates are at 49.9bpa, only .2 bushels less than the September report.
Wheat– Russia increased attacks on Ukraine’s Odesa region, creating more damage to grain facilities at the port. Argentina’s newest crop to show multiyear effects of drought is wheat, resulting in massive losses in yield. Wheat is also looking for confirmation of a sale to China.
The DeLong Co., Inc.
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