Weekly Market Update 10-26-23

Oct 26, 2023


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

Trivia

  1. What player holds the record for the most career home runs during the World Series?

  2. What MLB team holds the record for the most World Series championships?

​Answers at the bottom.

Market News​

Grain Corridor: Ukraine has temporarily closed the grain corridor in the Black Sea. This occurs after the first ship sailed through back in September. The reason for the closure is to combat corruption at the ports as officials in Kyiv attempt to crack down on fraud. It is currently unclear how long the closure will last. MATIF wheat and KC Wheat are seeing a nice little pop in futures this morning due to this closure. It will be interesting to see if wheat can maintain this momentum into the close and end of the week.

Exports There has been an increase in export demand for soybeans and corn, mainly due to ongoing talks with China. However, the credibility of a potential increase is yet to be determined. The good news is that river levels are improving, and a good portion of the corn belt is receiving much-needed moisture, improving some of the recent challenges of export logistics. Corn bushels inspected for export were reported 17.2 million bushels this week, within the range of estimates but down from the previous week. Mexico took 12.1 million bushels. Soybeans saw 90.4 million bushels inspected, up from 74.9 million the previous week. Of this, China was the destination for 73.8 million bushels. 100,000 bushels of milo were shipped and wheat came in at 6.2 million bushels, which was below trade estimates. Corn export sales came in at 53.2 million bushels, above estimates, and reported 600,000 bushels of new crop sales. Soybean sales came in at 50.6 million bushels. No new crop sales were reported for soybeans. Wheat bushels sold were 13.4 million, with 600,000 bushels sold for new crop sales. Milo sales were at 7.5 million bushels sold. No new crop sales were reported.

Crop Progress Report Corn harvest continues ahead of pace across the country, with USDA estimating the crop at 59% harvested, 5% ahead of the 5-year average. Soybeans are also 9% ahead of their average pace at 76% harvested. Milo is reported at 67% harvested across the country, 6% ahead of their average pace. Precipitation has slowed harvest progress over the last 24 hours, with rains expected to linger in many areas through the weekend. Next week looks like it should dry out for more favorable harvest progress. Moisture across the middle part of the country has been welcomed on a good-looking and mostly in-the-ground wheat crop. The U.S. winter wheat crop is reported at 77% planted, which is right in line with normal and up 9% week-on-week, and 53% emerged.

Weather

Nothing says Kansas weather more than a 50 degree swing in high temperatures within a week - and that's exactly what is in store over the next few days! After high temperatures in the 80s early this week, tomorrow starts a cool down that culminates in high temperatures on Saturday and Sunday in the 30s with nighttime lows hovering around 20 degrees. Saturday and Sunday both have chances for some snow flurries across GCC territory. Next week warms back up, with mid-week highs around 60 degrees.

Trivia Answers

  1. Mickey Mantle (18)

  2. The New York Yankees (40 appearances, 27 wins)