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Ag Market View for Oct 26.23

SOYBEANS

Prices were down $.01 – $.02 in relatively quiet trade, unable to hold overnight strength.  Dec-23 was able to hold above yesterday’s low and above this month’s low at $4.76.  The central Midwest remains in an active weather pattern thru the weekend, delaying the remaining harvest in these areas.  The rains however will raise water levels across the lower Mississippi.  There were conflicting reports from the Black Sea region today.  Overnight came news that Ukraine suspended the use of the “Humanitarian Corridor” due to the increased threats of attack from Russian warplanes.  By midday Ukraine’s Infrastructure Ministry denied those reports stating that ports in the Odesa region continue to operate.  Export sales at 53 mil. bu. were above expectations and the 2nd highest of the 23/24 MY.  YTD commitments at 690 mil. are now up 24% from YA, vs. the USDA forecast of up 22%.  Egypt’s Minister of Ag. and Land Reclamation said they have released 205k tons of corn and soybeans worth $100 mil. from the country’s ports earlier in Oct.  US corn area in drought fell another 1% last week to 49% matching an 8 week low.

cloudy countryside

CORN

Prices were down $.01 – $.02 in relatively quiet trade, unable to hold overnight strength.  Dec-23 was able to hold above yesterday’s low and above this month’s low at $4.76.  The central Midwest remains in an active weather pattern thru the weekend, delaying the remaining harvest in these areas.  The rains however will raise water levels across the lower Mississippi.  There were conflicting reports from the Black Sea region today.  Overnight came news that Ukraine suspended the use of the “Humanitarian Corridor” due to the increased threats of attack from Russian warplanes.  By midday Ukraine’s Infrastructure Ministry denied those reports stating that ports in the Odesa region continue to operate.  Export sales at 53 mil. bu. were above expectations and the 2nd highest of the 23/24 MY.  YTD commitments at 690 mil. are now up 24% from YA, vs. the USDA forecast of up 22%.  Egypt’s Minister of Ag. and Land Reclamation said they have released 205k tons of corn and soybeans worth $100 mil. from the country’s ports earlier in Oct.  US corn area in drought fell another 1% last week to 49% matching an 8 week low

WHEAT

Prices are higher across all 3 classes with MGEX and KC $.03 – $.05 higher while Chicago is up $.06 – $.09.  New multi-year lows were established for Dec-23 KC before the overnight recovery.  Dec-23 KC wheat premium to Chicago Dec slipped to $.75, a 7 month low.  US spring wheat areas in drought fell 1% last week to 47%, while winter wheat areas in drought increased 1% to 49%.  Export sales last week at 14 mil. bu. were at the low end of expectations.  YTD commitments at 407 mil. are down 6% vs. the USDA forecast of down 8%.    

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