Morning Market Wire

Corn was two sided overnight with the December contract on both sides of the $7.00 mark.  The USDA will release their October WASDE report tomorrow at 11am.  The average corn estimate is 13.885 billion bushels compared to 13.944 billion last month.  Yield is expected to come in at 171.8 bpa compared to 172.5bpa last month.  After breaking out on big volume yesterday, look for the market be a little quieter ahead of tomorrow’s report. 

Soybeans were two sided overnight with the November contract trading a seventeen cent range.  U.S harvest hits hard as some areas begin to wind down.  On tomorrow’s USDA report the experts are predicting U.S production and yield to drop.  Look for slightly lower trade today as soybeans couldn’t hold on to yesterday’s gains, getting pressure from oil markets. 

Spring wheat traded mostly lower the entire night on profit taking after yesterday’s rally.  Russia and the escalation in Ukraine continues to provide underlying support.  There doesn’t seem to be more escalation in Ukraine this morning, so wheat is pulling back from yesterday’s rally.    

Old Crop PremiumNew Crop TargetTrigger Date
0.4511.00 MWU238/25/23
0.4515.00 SX2310/21/23
0.357.00 CZ2311/25/23

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