BASIC & RECENT MARKET INFO

Highlights The October Census Bureau crush was reported after the close yesterday and it was an all-time record high for any month. The US has never crushed 200 mil bu of beans in one month until October 2023. The soybean crush was 201.4 mil. bu., a bit above the market’s expectation of 201.1 mil bu. and well above the 197 mil. bu. a year ago.   Soybean oil stocks were expected to be 1.540 billion lbs, but soy oil stocks were just 1.082 bil. lbs. Nobody has ever reported an e

Highlights The Nation’s corn crop is 71% harvested, 1% more than the high end of the 3% range. That is 5% ahead of the 5-year average pace. The beans are 85% harvested; the market range of expectations was 82 to 85%. That is 7% ahead of the average progress for this date. Cotton is 49% harvested, 2% behind the normal harvest pace. Sorghum 69% harvested, 1% behind the normal harvest pace. Sugar beets are 84% harvested, 3% ahead of the normal harvest pace. Winter wheat is

November CBOT options expire Friday. From far west Iowa, a little closer to Sioux City than Omaha, Andrew reported Saturday evening: "Finished 2500 acres of beans with an average of 57 bpa. We had about 1300 acres of irrigated beans out of the 2500. We are disappointed with the yield overall. Started corn yesterday and the first field made right at 100 bpa. 89 bushels under aph and 147 bushels less than last year right across the road on identical soil. Dryland corn is ugly

Highlights Crop progress: The nation’s corn crop is 45% harvested, 3% ahead of the 5 year average; the market expected 46%. The beans are 62% harvested, 10% ahead of the average; market expected 57%. Cotton is 33% harvested, 1% ahead of the normal harvest pace. Winter wheat is 68% planted, a perfectly normal pace. You can access all the crop condition and state by state progress at grainstats.com The NOPA September soybean crush was reported midday yesterday to be 165.456 mi

Highlights USDA issues an Export Inspections Report the first business day of every week which reports the amounts of commodities loaded on a ship, train, or truck, ready to leave the USA. The soybean export inspections were the market shocker yesterday morning when reported to be 1.643 million mts, double the high end of the range of expectations. That was later corrected to 1.036 million mts. While the reduction was disappointing, there were still way more beans exported t

Highlights The Weekly Crop Condition Report was a shocker to the market. The market expected the nation’s corn crop to be 67% good or excellent, down 2% from last week, but it was down 5% from last week at 64% good or excellent. This year’s corn crop is rated 9% lower in the good to excellent categories than a year ago this date. Last year’s crop yielded 173 bushels and USDA projects this year’s crop at 181.5, the trend yield. The market expected the first soybean crop rati

Rolling Basis Contracts: The Math A May basis contract needs to be rolled or priced by the close of business Thursday. We recommend all corn and bean basis contracts be rolled to July. Here is how it is done: Your merchandiser maintains a long (buy) futures position in the May contract. That long position can only be liquidated by selling May futures to offset the long position (previous May futures buy). To maintain a long position in the futures market, a July contract (or