Morning Market Wire

Corn remains slightly lower to start the week.  The November WASDE report is November 9th at 11:00am.  Private estimates of corn and soybeans production are higher ahead of Wednesday’s report.  Argentina corn planting progress is 23% complete vs. 39% last year because of a dry start to the growing season.  Look for the rangebound trade to continue.    

Soybeans were mixed overnight with support from strength in the meal and soy oil markets.  Demand remains strong on news that China has agreed to contract to buy 10mmt of soybeans, additional details were not given.  Look for mostly higher trade today as demand is good in the short term.      

Spring wheat was lower once again last night and has basically erased and any recent price gains.  The market continues to be fixated on headlines out of Russia/Ukraine.  Russia is now allowing Ukraine to export but no talk of an extension.  Look for mostly lower trade today as there seems to be very little supportive news this morning. 

Price Builder BonusDaily Price PlusFutures at 8:00am
SX23 Oct23$14.25$14.10$13.97
CZ23 Oct23$6.60$6.40$6.22
MWU23 Sept23$9.70$9.60$9.50
Old Crop PremiumNew Crop TargetTrigger Date
0.45$11.00 MWU238/25/23
0.45$15.00 SX2310/19/23
0.30$7.00 CZ2311/25/23

Any information, materials, and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations, or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness, or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

© 2023 CHS Inc. | Cookie Preferences