TFM Morning Update 08-31-2023

The CME and Total Farm Marketing offices will be closed
September 4, in observance of Labor Day



      • Markets are treading quietly this morning with corn up only a penny as technical trade is bearish and weather bullish.
      • This weekend, hot temperatures are expected to return with virtually no rainfall in the forecast. Minnesota and Iowa have better rain chances over the next 7 days,
      • The weather conditions may be causing the crop to mature too rapidly with many producers seeing ears drop already.
      • US ethanol stocks fell by 5% to 21.609 million barrels and analysts had been expecting 22.599 mln bbl.


      • Soybeans are unchanged this morning while soybean meal is lower and soybean oil higher.
      • The 14-dollar level remains significant resistance for November soybeans as producers have been more willing to sell at that level.
      • Today’s export sales report should show a large increase in commitments to China or unknown destinations after the recent string of sales.
      • South American soybean meal was offered as much as 9 dollars a ton lower yesterday with the market under pressure as trade anticipates an expansion of US soybean plantings.


    • Wheat is trading lower this morning with a new contract low in Dec Chicago wheat and KC wheat with a new yearly low.
    • SRW values are now approaching parity with other world exporters which could finally see US exports begin to pick up.
    • Russia has said they would talk to Turkey about an alternative to renewing the grain deal where they would sell grain to Turkey at a discounted price with financial support from Qatar.
    • Wheat production in Canada is expected to be 14.2% lower than last year’s crop, according to estimates released Tuesday by Statistics Canada on its website.


Amanda Brill

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