TFM Midday Update 10-03-2023

CORN

Corn is trading lower at midday as it remains in a tight trading range. The Crop Progress report showed the crop maturing more quickly following dry weather.
The corn harvest is now 23% complete, which is near the 5-year average, but is slightly ahead. 82% of the crop is mature, and good to excellent ratings were unchanged at 53%.
StoneX released their yield estimates for the 2023 crop at 175.5 bpa with production at 15,202.

Soybeans are trading sharply lower at midday as harvest pressure has sent prices significantly lower. Since the August high, November soybeans have lost nearly $1.50.
Both soybean meal and oil are trading lower today as soy product prices begin to slip and hold less of an incentive for processors to crush soybeans.
265,000 metric tons of soybeans were reportedly delivered to China during the 2023/2024 marketing year.
StoneX revealed their estimates for 2023 soybeans with yields at 50.4 bpa, above the last USDA estimate, and production at 4,175.

Wheat is mixed today with Chicago higher, KC relatively unchanged, and Minneapolis lower. All three wheat products made contract lows last week.
Yesterday afternoon, the USDA said that 40% of the winter wheat crop was planted, which was in line with expectations and up from 26% a week ago. 15% of the crop is emerged.
US exports remain behind as Russia continues to sell wheat cheaply, and Sov Econ has reported that they exported 5.1 mmt of wheat in September compared to 5.3 mmt in August.
This morning, a surprise sale of 220,000 metric tons of soft winter wheat was reported for delivery to China during the 23/24 marketing year.

Amanda Brill