Corn is trading slightly lower this morning after yesterday’s higher trade, strong demand continues to keep corn futures well supported.
With just two days left in the month, front month corn futures are down about 12 cents so far in October.
Basis bids for corn have firmed around the Midwest this week as many have wrapped up corn harvest ahead of much needed rainfall forecast later this week.
Soybeans are trading higher this morning as palm oil futures have made new contract highs for their recent move on strong demand and production concerns.
Soybean basis levels have been rising as of late with some quick ship incentives being reported. Nearby spreads have backed off a bit this week but are still tighter than expected given current carryout projections.
Near-term weather looks non-threatening for Brazil with continued showers expected in the northern soybean growing regions and drier weather in the far southern regions. Planting pace has made large strides in the last two weeks catching up to near-normal levels.
All three wheat classes are trading lower this morning with KC wheat leading the losses.
The USDA has the winter wheat crop pegged at just 38% good to excellent, this is only poorer than 2022 when looking back at the last 40 years.
Rain is forecast to fall in the Plains states over the next week, this will be much needed to improve wheat conditions ahead of winter dormancy.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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