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Closing Market Commentary

09/12/2023
Closing Market Commentary

Grains are mixed to close:

Dec Corn – 9 1/4 cents/bu (4.76 1/2)

Nov Soybeans – 22 1/2 cents/bu (13.46 1/2)

Dec Chi Wheat +3 cents/bu (5.87 ½)

Cdn $ +0.00150 (73.785)

WTI Crude Oil +1.52/barrel (88.81)

Corn- Report Bearish

  • Corn Yield Dropped 1.3 to 173.8bu/acre
  • USDA increased harvested area by about 775,000 acres (Increased production)
  • Ethanol usage was knocked down 30 million bushels
  • Net exports were adjusted up 35 million bushels
  • World and U.S. Ending Stocks were Increased
  • USDA increased the 22/23 Brazil corn crop 2 million mt to come to 137 mmt.
  • The USDA also increased the Mexican crop by 1.5 mmt to 28 mmt.

Soybeans- Report Bearish

  • Soybean yield dropped 0.8 to 50.1bu/acre
  • 100,000 more acres were added to the U.S.
  • World and U.S. ending stocks were Decreased, but less than expected
  • The govt raised exports 10 million bushels, but crush was cut 10 million bushels. They also cut exports by 35 million.

Wheat- Report Neutral

  • U.S. wheat carryout was steady
  • World wheat carryout decreased by more than expectations (Argentina’s wheat crop dropped 1 mmt, Australia 3 mmt, Canada 2 mmt, and the EU 1 mmt. The only larger crop came from Ukraine which was 1.5 mmt larger)

Funds were thought to have been mixed today with corn and beans sellers and wheat a buyer.

Megan McGrail, Grain Merchandiser

Wanstead Farmers Co-operative

519-898-2861

meganm@wansteadfarmerscoop.com

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