TFM Midday Update 08-15-2023


  • Corn is trading lower near midday and continues to test the recent low of 4.81 in December, but has not yet broken through it.
  • The good to excellent rating for corn rose by 2% to 59% and is now rated higher than last year’s crop at this time. 96% of the crop is silking, while 65% is dough stage.
  • While the forecast calls for hot and dry conditions throughout the Corn Belt over the next 7 days, the western Plains are expected to be especially hot with triple digit temperatures forecast.
  • Rain is falling in Brazil, which is slowing their second crop corn harvest, but it is also helping their upcoming planting conditions which will begin next month.


  • Soybeans are trading lower this morning following a big improvement in crop ratings. Soybean meal is lower, while soybean oil is higher.
  • Crop progress saw a 5% increase in the good to excellent rating for soybeans, with 78% of the crop setting pods.
  • Yesterday’s large sale of 15.3 mb of soybeans to unknown destinations for the 23/24 marketing year was an addition to the recent string of sales, and demand in the U.S. remains strong as well.
  • Palm oil prices are expected to rise slightly due to El Niño concerns, in which the impact will mostly be seen in 2024. This should help support soybean oil.


  • Wheat is trading lower at midday following crop progress, which showed spring wheat conditions improving and winter wheat harvest nearly completed.
  • 92% of the winter wheat crop is harvested with Washington, Idaho, and Montana with more still to harvest. 24% of spring wheat has been harvested, and the next week is dry and favorable for more progress.
  • Russian FOB wheat offers have risen by $21 per metric ton over the past few weeks, and although they maintain the competitive advantage, U.S. prices are becoming more competitive.
  • Reuters reported that Russian missiles caused damage and civilian fatalities in western Ukraine this morning as the fighting continues to escalate.


Amanda Brill

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