TFM Midday Update 9-8-2023


  • Corn is trading unchanged to lower near midday as traders wait for next week’s WASDE numbers to be released.
  • Net corn sales for 23/24 were 949,700 mt and were primarily to Mexico, unknown destinations, and Columbia, while exports of 515,000 mt brought total exports to 39,469,100 mt which is down 34% from last year.
  • Planting estimates for corn are very large at 94.1 million acres, so even with lower yields, ending stocks should come in near 2 billion bushels.
  • Brazil’s export group, ANEC, has reported that exports for September are projected to hit 9.67 mmt which is up significantly from the previous year which was 6.85 mmt.


  • Soybeans are trading slightly higher after opening on a lower note. Soybean meal is higher, while front month soybean oil is lower and deferred contracts are higher.
  • For the week ending August 31, 2023, the USDA reported an increase of 5.7 mb in 22/23 and an increase of 65.5 mb for 23/24.
  • Last week’s export shipments of 44.9 mb produced total shipments of 1.992 billion bushels for 22/23.
  • Argentina’s soy crop for 23/24 is seen jumping 138% from the previous drought year with planted acres set to expand by 5.6%.


  • Wheat is mixed with Chicago and Minneapolis slightly lower and KC slightly higher. There is very little fresh news to drive the market.
  • There is pressure coming from rain in the forecast for Texas, Oklahoma, and Kansas which should help with winter wheat planting conditions.
  • The USDA reported an increase of 13.6 mb of wheat export sales for 23/24 and an increase of 0.4 mb for 24/25. Last week’s export shipments were 11.6 mb and below the 14.0 mb needed.
  • Ukraine is now attempting to export grains through Croatian ports after Russia’s attacks on the Danube and Black Sea ports damaged infrastructure.


Amanda Brill

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