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Tidbits, Market Lows, Markets & Rain Days Update 10/30/23

Market Comment

"Roger, our local Andersons has been very low with trucks. There is no one there as people have gone to hauling to their own bin sites and drying or going to Albion, MI Andersons ethanol plant. The scale house worker say they have only had 1500 trucks in the month of Oct, where historically it’s been 3800. There is a lot of cob rot in the corn, low test weight."

Thanks, Josh of SE Michigan.

Increased on-farm drying and storage is one of the main reasons the corn low for futures for the year is before harvest more times than not the past 20 years. All of us more than 50 years old can remember when every elevator in our local area had dozens and dozens of trucks and wagons waiting to unload throughout the harvest.

John Scheve of Superior Feed Ingredients in his weekend commentary wrote:

"In 8 out of the last 16 years December corn has hit a low for the calendar year after September 1st. Half of those lows occurred in September and the other half of those lows came in November. So far, the low for this year was on September 19th at nearly $4.68. The concern moving forward is that December corn could still find the low for the year in the month of November.

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