Friday, September 29, 2023, 7:40 a.m. – Thursday was a mostly negative for our markets. Harvest corn closed up 5 1/4, harvest soybeans closed down 2 3/4, spot winter wheat closed down 3/4 and spot spring wheat closed down 3 3/4. In the overnight trade corn is just negative with soybeans and the wheat sector back on the positive side. Oil closed down $1.97 yesterday at $91.71 per barrel. It is stronger in trading this morning with it now valued at $92.91 per barrel. Our dollar had a low of $0.740 US yesterday before noon and has trended higher since then. This morning it is currently valued at $0.745 US. The USDA releases their yearend stock numbers and small grain production for this year today at noon. Managed money seems to be repositioning some ahead of the announcement with thoughts that corn stocks may come in lower than expected. This has helped corn to rally somewhat over the last few days. For soybeans the market is not looking for any major change. Wheat production numbers are expected to come in as previously projected. It seems with this market in a current negative trend that the USDA would have to drastically cut production numbers to spur on a rally. As we talked about yesterday Russia and other Black Sea origin wheat is keeping price on a negative trend. It looks like other countries are now willing to discount their wheat prices much like Russia to keep exports flowing out of their countries. With the local soybean harvest continuing to ramp up the elevator will be open this weekend. Actual hours will depend on demand and as such it never hurts to phone ahead. Good luck harvesting. Friday’s thought: Kindness makes you the most beautiful person in the world no matter what you look like!
