Ashland harvest market11/20/2023 ![]() SovEcon has lowered their Russian wheat production estimate to 91.4 million metric tons versus 91.6 million metric tons previously. USDA’s estimate is at 165.8 million metric tons. His soybean yield is estimated at 49.3 bushels up 0.3 bushels from his previous estimate.ĪBIOVE is estimating Brazil soybean production at 164.7 million metric tons, up 7 million metric tons from last year’s record. His current estimate for corn is at 172.5 bushels up 1.0 bushel from his previous estimate. Michael Cordonnier increased his yield estimates for both U.S. ![]() The last two weeks of strong shipments are a good sign.ĭr. soybeans out of the Pacific Northwest are the lowest priced soybeans in the world and that has helped bring export demand back to the soybeans. is now competitive with the world on all market fronts. export demand is starting to pick up as the U.S. Especially if the war continues to escalate and spill into other countries. Both markets pushed higher with most of the support tied to expectations for increased demand for wheat and tighter supplies of crude oil. ![]() The front month November did test $13 but faded off highs going into the close.Ĭontinues to grab a lot of attention from wheat and crude oil. Soybeans on the other hand saw a good rally. Harvest pressure is adding pressure to corn. Corn was weaker on technical selling as corn failed to break above resistance. Wheat continued to see pressure from the unending supply of wheat in Russia and Ukraine. The grains put in a mixed performance on Tuesday with wheat and corn stumbling lower, while soybeans continued to push higher. This will make for an interesting growing season. Dry conditions remain in Argentina and northern Brazil while it remains wet in the southern regions of Brazil. So far their start to the year has not been ideal. crop to the South American crop as planting progress is advancing in Brazil and Argentina. The first official look at winter wheat acreage won’t come until January.Īttention will start to shift from the U.S. Reports are starting to call for less winter wheat acreage in the U.S. As of October 15, 68% of the nation’s winter wheat crop was planted, equal to the average pace for this time of year. Winter wheat planting continues to lag expectations. Illinois improved by 2% as did North Dakota. The increase in rating was mainly due to an increase in Ohio, which saw its soybean rating improved by 8%. Soybeans crop rating did improve 1% to 53% good/excellent. Most states are showing harvest progress ahead of average. North Dakota was able to harvest 25% of the state’s soybean crop last week, pushing harvest to 66% complete versus 59% average. Soybean harvest was estimated at 62% complete versus 52% average. The biggest change came in Ohio where the crop rating improved by 11%. Although crop ratings are becoming less important, corn conditions did remain unchanged last week at 53% good/excellent. North Dakota was able to harvest 13% of the state’s corn last week, putting harvest at 27% complete versus 24% average. Crop Progress, corn harvest was estimated at 45% complete versus 42% average. First corn crop planting was estimated at 59% versus 49% average.Īs for the U.S. As of October 13, Brazil’s soybean planting was estimated at 16% complete versus 17% average. Seasonally, soybean shipments start to increase this time of year as new crop supplies become available.Īs of October 12, Argentina was estimating corn planting progress at 16% compete versus 25% average. Most of the soybeans were shipped out of the Pacific Northwest and heading to China. The second week of October’s shipments were well over 2 million metric tons, a huge increase from the previous week. Soybeans were able to push higher at the start of the week with most of the strength coming from a very impressive export shipments estimate. Soybean meal was the big winner posting $26.00 to $34.00 gains. ![]() By the time the dust settled on the week, Minneapolis wheat was posting 7 to 9 cent gains, Chicago wheat was up 6 to 7 cents, Kansas City wheat was up 1 cent, corn gained 2 cents, and soybeans were 20 to 22 cents higher. Minneapolis wheat and soybeans were the best performers going into Friday’s close, but those gains were trimmed from heavy selling on Friday as profit taking and position squaring took center stage. The grains wrapped up the third week of October with gains, but for the second week in a row those gains were trimmed in the last trading session of the week. Editor's note: Catch Randy Martinson every Friday after markets close on the Agweek Market Wrap at.
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