TFM Midday Update 9-6-2023


  • Corn is trading higher near midday after yesterday’s Crop Progress report showed a sharper than expected drop in ratings.
  • The good to excellent rating fell by 3% to 53% which is the lowest reading since the 2012 drought year. Illinois ratings fell by 10% and Iowa fell by 5%.
  • Ag Rural has reported that Brazil’s second crop corn is now nearing 88% harvested, while their first corn crop is nearing 13% planted.
  • Weather forecasts for the next 6 to 10 days are trending cooler for the entire Corn Belt with above average precipitation expected for the western Corn Belt.


  • November soybeans gapped higher yesterday evening but have moved slightly lower. Soybeans are still trading higher along with soybean meal, while soybean oil is lower.
  • Yesterday’s crop ratings showed the good to excellent rating for soybeans falling sharply by 5% to 53%. The poor to very poor rating also increased by 3% to 17%. These are the worst ratings since 2012.
  • Soybean export demand has remained active with another sale yesterday announced of 9.2 mb to unknown destinations. This brings new crop total sales to 526 mb.
  • Oil World sees Palm oil prices rising by more than 10% in the coming months amid poor production growth. The decline of palm oil production should raise dependence on soybean, sunseed, and rapeseed.


  • Wheat is trading higher today as global wheat production in countries apart from Russia is seen falling, and as Russia attacked more port cities in Ukraine.
  • Overnight, Russia sent drones to both the Odesa and Danube River ports delivering three-hour drone strikes which damaged several agricultural and port facilities.
  • The Australian wheat crop has suffered heat and drought and is now being estimated at just 25.4 mmt which would be down 36% from last year.
  • SovEcon has raised their estimates for Russian 23/24 wheat exports to 48.6 mmt citing increases in the production estimate.


Amanda Brill

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