TFM Morning Update 08-30-2023

CORN

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