TFM Midday Update 10-24-2022 - Total Farm Marketing by Stewart-Peterson

Provided by Stewart-Peterson Inc.

CORN

Dec corn down 2 @ 6.82
National corn basis remains at the strongest level in 10 years
Mississippi River water levels could hit new record lows in the coming weeks
Brazil early planting conditions remain mostly favorable
Talk that the Fed may be slower in raising interest rates and inflation may be starting to peak
French corn harvest is said to be 92% complete

Nov soybeans down 17 @ 13.78
Soybean crush value exceeded the cost of soybeans by $3.63 last week based on Jan futures
USDA is estimating at 5.58 bb Brazil soybean crop
China’s President Xi Jinping will continue with another 5 year term and there is concern of increased political tensions between the US and China
January soybeans on China’s Dalian exchange are around the equivalent of $20.73 per bushel
Brazilian soybean planting in Mato Grosso is said to be 67% complete

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Dec wheat down 8 @ 8.43, Dec KC down 9 @ 9.39, & Dec MNPLS down 4 @ 9.58
Putin is said to be intentionally delaying the exit of vessels from Istanbul
There is still much uncertainty over the Ukraine export corridor
Texas, Oklahoma, and parts of Kansas are receiving beneficial rains
US wheat is still at a premium to other world exporters
Turkey purchased 460,000 mt of milling wheat (Russia is believed to be the origin)

Brandon Doherty