Weekly Market Update 12-7-23

Dec 07, 2023


Here is your weekly market update from the Garden City Co-op Grain Origination Team.

Trivia

  1. Where do the Griswolds live in National Lampoon's Christmas Vacation?

  2. How long is the average growing time for a full size live Christmas tree?

Answers at the bottom.

Market News​

South American Weather Rains have favored eastern Argentina over the past 24 hours and will shift mostly north through Sunday. Brazil saw rains in the south yesterday and rains look to remain in the center-south of the country through the weekend. Forecasts are mixed, but the driest parts of northern Brazil have good chances for rain in the 5-day forecast and Argentina has good chances for coverage in the 10-day forecast. Bean planting is dragging in the north, which is likely to reduce yields. However this is estimated to only be about 15-20% of their crop. Overall projections are still for a massive South American crop.

Exports This week's exports were suitable for some and meh for others. Wheat sales were the people's champs, sending bushels to China. It’s unsure if this will last long-term, but it’s good to see. Corn news: The US is the best spot origin for the world's corn. However, Panama/Mississippi water levels are in drought again, leading exports to a rail market. This week, 40.7 million bushels of soybeans were inspected, which is below the trade estimates but still on track to meet the required pace to hit USDA projections. Corn inspections exceeded trade estimates, with China and Columbia taking the brunt of exports, with 45.6 million bushels inspected. However, only 6.9 million bushels of wheat were inspected. Milo inspections stood at 4.6 million bushels. Corn export sales for the week were 50.7 million bushels, with Japan, China, and Mexico being the top three buyers. Nine hundred thousand bushels were sold for new crop corn.  Beans sold 55.8 million bushels with no new crop sales, wheat sales were 13.1 million bushels, and milo sales were 4.7 million bushels, all within trade estimates.

December WASDE USDA will publish the December WASDE report tomorrow morning, December 8th, at 11:00 AM. Estimates are below, but overall the trade is looking for reductions to both US and world carryouts for corn and beans. Carryouts are expected to remain mostly steady for wheat. Report days can generate market volatility, so be sure to reach out to the GCC Grain Team if there are any orders that we can get working for you.

Weather

The forecast for this week indicates wind expected for the weekend, temperatures will fall between ranges from mid-40s during the day to 20s at night. There is a chance of rain and some moisture on Wednesday and Thursday of next week. Evening & afternoons, there may be showers resulting in a mix of rain and snow. It is expected to be partly cloudy throughout the week.

Trivia Answers

  1. Chicago

  2. 7 years