MarketEdge PM Comments
Oct 02, 2023
(Caleb Kaufmann)
Corn market took off today fresh off a “bullish” report on Friday from the Sep. 1 stocks numbers, seeing some short covering come to the table also fueled the run higher today. Beans would seem more as an unwilling follower. December corn was up 12 to $4.8875, March corn also closes up 12 at $5.0375, November beans were2 cents to $12.77, and March beans finished go home up 3 to $13.1325.
Have a great evening!
Corn market took off today fresh off a “bullish” report on Friday from the Sep. 1 stocks numbers, seeing some short covering come to the table also fueled the run higher today. Beans would seem more as an unwilling follower. December corn was up 12 to $4.8875, March corn also closes up 12 at $5.0375, November beans were2 cents to $12.77, and March beans finished go home up 3 to $13.1325.
- USDA announced this morning the sale of 132k tons of soybeans to China and 310k tons of corn to Mexico. These sales are nice to see, however the is routine business
- Ukraine’s wheat exports are up 10% but corn exports are down 44% so far this marketing year.
- Ukraine's new Black Sea corridor for cargo vessels carrying grain and iron ore has significantly reduced freight rates, making logistics cheaper for farmers and improving grain profit margins. Ukraine’s farm minister said the freight rate has come down 30-40% in the last 2-3 weeks since the “temporary” corridor was first opened.
Have a great evening!