Weekly Market Update 9-7-23
Here is your weekly market update from the Garden City Co-op Grain Origination Team.
**Effective Friday, September 8th, storage rates for fall crops will increase to 5 cents per bushel per month**
In what film does Jack Black voice a shark in?
Which small country is located between the borders of France and Spain?
Answers at the bottom.
StoneX Fall Crop Survey: StoneX released their 2023 projections for corn and soybeans. Corn production shows 15.102 billion bushels with a crop yield of 175 bushels per acre. Soybean production was 4.144 billion bushels at 50.1 bushels per acre. No surprises with Stone’s projections compared to the August WASDE report. The USDA showed corn production at 15.111 billion bushels and yield at 175.1bpa. Comparable numbers from USDA to StoneX showing StoneX with an ever so slight decrease to each number. Similar story with soybeans as the USDA released production at 4.205 with yield at 50.9bpa. Beans are down from 2022’s final production of 4.276 billion bushels. Corn on the other hand was 13.730 billion bushels for 2022. Even with the hot and dry weather overall corn currently is looking much more promising than last year.
US Export Inspections While we were hoping to close out the marketing year strong, inspections fell short. Corn was pegged at 18.9 million bushels, down 4.5 million bushels from last week and down from last year’s 27.6 million bushels. Mexico was the largest destination for corn. Soybeans were reported at 13.9 million bushels, an increase of 1.9 million bushels from last week and ahead of the pace needed to hit USDA’s estimate. The US shipped 4.2 million bushels of milo, which was 1.1 million bushels ahead of last week.
Crop Progress Report Crop ratings have seen better weeks, with corn conditions falling in several states. Kansas dropped 2% to 33% G/E. South Dakota and Illinois dropped significantly, 10% for both states, with South Dakota at 44% G/E and Illinois rated 57% G/E. US aggregate conditions came in at 53% G/E, behind the 5 yr average of 60% G/E. Soybeans conditions were also lackluster, nationally reported at 53% G/E, lagging behind the 60% 5 yr Average. Kansas was down 12% this week to only 25% G/E. Major bean growing state Illinois was also down 10%G/E. Milo came in at 44% G/E, down 1% from the prior week.
Below normal temperatures and above average chances for precipitation are on tap in the 6-10 day outlook. Rain coverage looks good Friday night through early next week for the Corn Belt, with heavier amounts in the Plains; conditions look to dry again past that. Local temperatures cool off to highs in the 70s next week, with decent chances for widespread rain Sunday and Monday and scattered chances in our draw area later next week.