TFM Midday Update 9-5-2023


  • Corn is trading higher and has rebounded from today’s earlier lows as the hot and dry weather over the weekend likely did further damage to the crop.
  • Later this afternoon, the Crop Progress report will be released, and most analysts expect the good to excellent rating to fall by 2-3 percentage points.
  • Basis bids for corn shipped by barge to the U.S. Gulf Coast were higher on Friday as the low Mississippi River water levels slow the flow of grain.
  • The Brazilian second crop corn harvest is nearing completion and record production is expected but planted acres of corn for 23/24 are expected to shrink.


  • While corn prices have recovered, soybeans have not and are trading lower along with both soybean meal and oil despite poor weather and another flash sale this morning.
  • Private exporters reported sales of 251,000 metric tons of soybeans for delivery to unknown destinations during the 2023/2024 marketing year.
  • Crude oil is trading sharply higher today after Saudi Arabia said that it would extend the voluntary cut of 1 million barrels per day until the end of the year. This should be supportive to soybean oil.
  • The Energy Department reported that a record 1.27 billion pounds of bean oil were consumed for biofuels which is up 49% from a year ago.


  • All three wheat products are trading higher today following a weekend attack on a Ukrainian port by Russia, and Putin announcing that he would not renew the grain deal after meeting with Turkey.
  • Russia booked a sale of wheat to Egypt in a private tender selling 480,000 mt over the weekend. Russia was passed over by Egypt for their previous two sales.
  • Russian exporters are reportedly offering wheat at $245-$250/mt FOB versus the recommended government floor level of $270/MT.
  • The Argentinian wheat crop has been struggling with dry conditions, but recent rainfall may have been enough to relieve the crop.


Amanda Brill

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