BASIC & RECENT MARKET INFO

Highlights In yesterday's Quarterly Inventory and Small Grains Summary Reports, the USDA reduced the size of the 2022 corn crop by 15 million bushels, 4 million more than expected. USDA also reduced the 2022 soybean crop by 5.93 million bushels, about 1 million bushels less than expected. More importantly, the inventory of corn in the USA on September 1 was less than expected for the third consecutive quarter, this time 68 million less than expected, which is 1½ days’ wort

The 2022 corn for grain production is revised down 15 mil bu. Corn harvested for grain is revised to 79.1 million acres, down 100,000...

Highlights The USDA will issue its Quarterly Grain Inventory and Small Grains Reports at 10 AM Mountain Time today. The corn and bean inventory numbers will be the 2022 crop carryover and will indicate what demand will be into the end of the calendar year. The scuttlebutt is that China bought 500,000 to 1 million mts of corn from Ukraine over the past two weeks for October-December shipment. Roger expected China to buy a very large amount of corn no later than the first we

Dec Wheat - 1 to 2 Higher Dec Corn - Steady to 1 Lower Nov Beans - Steady Unlike corn, the December Wheat chart can't seem to get...

A micro natural gas futures and options contract will begin trading on November 6th. The micro contract size will be 1,000 mbtu (million British Thermal Units). The current natural gas contract is 10,000 mbtu, and the mini-contract is 2,500 mbtu. Highlights The Panama Canal Authority said a surcharge for water use it had applied to conserve water during a prolonged drought will be reduced starting in October. The waterway has imposed a series of restrictions this year, inclu

Dec Wheat - Steady to 1 Higher Dec Corn - Steady Nov Beans - Steady to 1 Higher Apologize for the typo yesterday in the December Corn...

Grain market summary of price outlook, seasonal situation, fundamental & technical analysis with our recommendations for corn , soybeans and wheat (Soft Red Winter, Hard Red Winter & Spring) for past week Wednesday to Tuesday. Corn Corn situation after the close Tuesday, September 26 , 2023: December corn settled on Tuesday at $4.79¾, +3½¢ since last Tuesday. The past 7 days’ high was $4.83½, the low was $4.73¾. Contract high is $6.79¼ made Apr 27, 2022; Contract low is $3

Highlights Dr. Cordonnier cut his US corn yield estimate by 1.5 bu to 171.5 and reduced bean yields by a half bushel to 49.0. The meteorological firm, Climatempo, is calling for temps over 100 degrees across central Brazil (where 85% of their beans are grown) as the country continues to struggle with hot and dry conditions during planting. Producers are being warned by agronomists to wait on planting beans until adequate moisture arrives to ensure germination and stand estab

The cover image is of traders and brokers on the circular steps of the trading pit probably from the 1990's or early 2000's Dec Wheat -...

Highlights The war is escalating. Yesterday morning, the USDA reported the sale of 1,049,771 mts of old crop corn and 611,389 mts of new crop corn to Mexico. That is a bunch of corn, Folks. China asked for FOB prices on corn shipped from the PNW. They got quotes of +133 to +135Z (135¢ over corn for December futures), which is cheaper than Brazil’s corn when freight is included. Get those rail cars lined up! Corn is 70% mature, 10% more than normal for this date and 15% is h

The cover photo is the CBOT grain pits after paper cleanup in the 1960's Dec Wheat - Steady Dec Corn - Steady to 1 Higher Nov Beans -...

Crop Feedback Jake has a marketing service in Wahpeton, North Dakota. He sent this information Sunday afternoon: "Hello Roger, I have received quite a few yield results from my customers. In general, we look for 45 - 50 bushel yields on soybeans as an across the farm average. Our yields so far have been anywhere from 28 - 48. I would say in general we are 5 bushel lower than most years. We are about 50% done with harvest with just the later beans left. I am projecting a d

Dec Wheat - Steady to 1 Lower Dec Corn - 2 to 3 Lower Nov Beans - 3 to 5 Lower Crude price - 90.42 up +.39 S&P price - 4266.50 up +5.50...

As expected, because of the volume analysis last Thursday, the bulls defended and held the 475 to 474 support level in December Corn on...

Highlights In Australia, Chevron’s employee union accepted, as Chevron already had, proposals from the country’s industrial arbitrator. Everybody back to work exporting 7% of the world's LNG. A while back, a Sikh separatist was murdered in British Columbia. Canada and India are having a serious spat because Canada's Prime Minister Justin Trudeau accused India’s government of ordering the hit. India responded by suspending all new visa applications for Canadian citizens. The

It's our weekly grain market prices and US grain basis analysis and outlook on September 24, 2023 for corn, soybeans and wheat. The Dow Jones Industrial Average (DJIA) settled at 33963.84, -654.40 points for the week. Crude oil settled at $90.33, -0.87. The Dollar Index settled at 105.58, +0.25. The Baltic Dry Index (a shipping freight-cost index) settled at 1593, +212 points for the week. Corn December futures at $4.77¼, +1¢ for the week. Basis (Z = December; e.g. 10Z

World Free-On-Board Grain & Oilseed Prices for September 23, 2023

Highlights A tow of barges ran aground near Vicksburg, Mississippi yesterday; navigation is closed until the tow is freed. Russia reported yesterday no progress has been made on the grain corridor and no talks about the subject have been scheduled. It was reported yesterday the Resilient Africa , carrying ~3,300 mts of wheat left Tuesday and on Thursday, the Aroyat , with ~17,600 mts of wheat left the Ukrainian Port of Chornomorsk. No reports of hostile action so far. Ukrai

Jon Scheve with weekly market commentary made on September 22, 2023 Like US corn, the US bean export pace is behind USDA estimates and...

Pre-Hedging October Options Expire today, it will impact the prices at least temporarily. Pre-hedging: In the grain business, pre-hedging is a grain buyer selling futures contracts on Friday afternoons before the CBOT closes to hedge the quantity of bushels he expects he will buy after CBOT closes Friday afternoon and before it reopens the following week. Pre-hedging is a market force to remember every Friday during a harvest season. Today is the first harvest weekend that