Corn dips beyond estimates, Wheat comes in on target.
According to the USDA, as of September 1, 2023, marking the official conclusion of the 2022-23 marketing year, there were 1.36 billion bushels of corn held in storage. This figure falls within the lower range of pre-report expectations and is a result of the USDA’s revision of the 2022 corn production, reducing it to 15 billion bushels. Additionally, the yield for that year was slightly increased by 0.1 to reach 173.4 bushels per acre.
Despite facing drought conditions in crucial production regions of the U.S. Plains, the U.S. wheat harvest has turned out to be larger than earlier projections, as per the latest information from the U.S. Agriculture Department’s Small Grains Summary report. The report indicates that all-wheat production for the 2023/24 marketing year stands at 1.812 billion bushels. This surpasses the USDA’s previous estimate of 1.734 billion bushels and exceeds the 2022/23 total of 1.650 billion bushels. Prior to the report’s release, analysts had anticipated a wheat crop of 1.729 billion bushels
- Corn 1.361 Bb
- Est: 1.429 Bb
- MY 22/23 ending 1.452 Bb
- 9/1/22 1.377 Bb
- Soybeans 268 Mb
- Est 242 Mb
- MY 22/23 ending 250 Mb
- 9/1/22 274 Mb
- Wheat 1.780 Bb
- Est: 1.772 Bb
- 9/1/22 1.778 Bb
Early Reactions
During the initial trading session today, there were fluctuations in commodity prices. Specifically, December Wheat experienced a decrease of 5.50 cents, settling at $5.7525 per bushel. December Corn, on the other hand, remained stable at $4.86 per bushel. December Oats showed an increase of 1.75 cents, reaching $4.45 per bushel, while November Soybeans saw a rise of 4.50 cents, reaching $12.9675 per bushel.
The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results.
