TFM Morning Update 08-30-2023


  • Corn is trading higher this morning following yesterday’s technically weak price action.
  • December Corn traded to 499-1/2 in yesterday’s session before facing sharp selling pressure and closing 9-1/2 cents lower.
  • Brazilian corn exports in the month of August are expected to reach 9.19 million tons versus 6.89 million tons in the same month a year ago.
  • Temperatures over the next two weeks are expected to be far above normal while precipitation is forecast to be below normal for the Corn Belt.


  • Soybeans are trading higher this morning along with both soybean meal and oil.
  • Heat and limited moisture in most of the Midwest over the next 10 days could speed along soybean maturity.
  • November soybeans are right back near the $14 level with futures technically oversold. November futures have closed above the $14 level just once in the month of August.
  • Canadian soybean production is expected to be 2.9% higher than last year according to a Statistics Canada estimate this week.


  • Winter wheat is trading higher this morning after sharply lower trade to end last week and start this week. Spring wheat futures are slightly lower this morning.
  • 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.
  • A Farm Futures survey released this week expects US all-wheat seedings to be up 5.8% compared to last year.
  • The European Union’s soft-wheat exports in the season that began July 1 reached 4.49 million tons as of August 27, compared with 6.31 million tons in a similar period a year earlier, the European Commission said on its website.


Keegan Madigan

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