TFM Midday Update 01-04-2023

Provided by Stewart-Peterson Inc.

CORN

Mar corn down 14 @ 6.57
Corn inspections were pegged at 26.3 mb, bringing total 22/23 inspections to 377 mb
For the next 2 weeks in Argentina, there is not much rain in the forecast
Crude oil is sharply lower again – possibly due to fears of a global recession – this may be pressuring other markets
Ukraine FOB corn is reported to be $1-1.10 / bushel lower than the US

Mar soybeans down 22 @ 14.90
Soybean inspections were pegged at 53.8 mb, bringing total 22/23 inspections to 1,052 mb
Private exporters reported sales of 124,000 mt of soybeans for delivery to unknown during the 22/23 marketing year
China demand remains a concern with a rise in Covid cases and economic issues
China’s crush margins have declined
Central and northern Brazil still look favorable (in terms of weather conditions)
March soybeans on China’s Dalian exchange are around the equivalent of $19.65 per bushel

Like what you’re reading?

Mar Chi wheat down 25 @ 7.50, Mar KC down 26 @ 8.43, & Mar MNPLS down 13 @ 9.06
Wheat inspections were pegged at 3.1 mb, bringing total 22/23 inspections to 435 mb
Dryness persists in the southern plains, and that may continue throughout January
Argentina may only have half of their usual wheat exports (due to the drought)
Russian wheat exports for December are estimated to be record large (around 4-4.5 mmt)
Ukraine wheat exports are running 47% behind last year

Brandon Doherty