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Tidbits, Crop Progress, Export Inspections, Markets & Rain Days Update 10/31/23

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 84% planted, 1% behind normal. The crop is rated 47% good or excellent, 19% better than a year ago in the first crop condition rating. It is also the best condition a winter wheat crop has been rated on its first rating in four years.

You can access all the crop condition and state by state progress at grainstats.com

Today is the "first notice day" for November soybean futures deliveries. Up to 200 contracts were expected. However, there were 438 contracts assigned for delivery to 13 September 2023. If you want the price of beans to go higher, the fewer deliveries, the better.

Deliveries are assigned to the oldest long futures position. So, today the holders of the longest held 438 buy (long) positions of November soybeans will be contacted by their broker and told that tomorrow, their 5,000 bushel futures position will be replaced with 5,000 bushels of real soybeans located in a specific CBOT approved grain warehouse.

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