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Tidbits, Broilers & Ethanol, Markets & Rain Days Update 8/10/23

The markets usually do not move very much the 24 hours before a USDA monthly S&D as traders have had weeks to determine the positions they want to hold through the report and those on the sidelines stay on the sidelines until after the report.

 

Highlights


Poland sent 2,000 troops to the Belarusian border this week.

Terrible floods this week in Norway, Slovenia, Alaska, and Northeast China (corn country).

Typhoon Kanu’s route changed. It will pass through China’s regions of Liaonin and Jilin, where a lot of corn is grown. Sometimes, rain does not make grain. A typhoon with 15 to 30 inches rain and 100 to 150 miles per hour winds over corn country does not make grain.

The cost to buy soybeans and corn in Brazil is rising. The soybean FOB basis for September and October loadings in Brazil is +290SX (that is 290¢ over November soybean futures with S=soybean, X = November futures price). A month ago, Brazil sold September shipments at +195SX. The corn basis has firmed about the same.

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