Grain Comments: 10.17.23

Grains are steady/lower this morning, while soybeans trade higher. Crude oil is higher. Yesterday’s NOPA crush report added additional support to the soybean market following last week’s bullish WASDE report.

Today’s Reports: None

Yesterday afternoon’s Crop Progress report estimated U.S. corn harvest at 45% complete. The harvest pace is slightly ahead of a year ago and the five year average pace.

The report estimated soybean harvest to be 62% complete nationally, 10% more than the five year average completion for mid-October. IA completion was estimated at 74%, MN at 76% and IL 61%.

Winter wheat planting was estimated to be 68% complete nationally, matching the 5 year average.

NOPA yesterday reported its members crushed 165.5 million bu. of soybeans during September 2023, the highest amount ever for the 9th month of the year.

NOPA’s report showed soyoil inventories at a the lowest level in nearly nine years. Inventories at the end of September were 24% less than a year ago.

AgRural estimated Brazilian soybean planting at 17% complete as of October 12th, compared to 24% a year ago. Dry soil conditions are slowing planting.

Safras & Mercado estimated Brazil’s first season corn crop to be 59% planted as of October 13th. The corn planting pace is ahead of a year ago and the five year average completion pace.

Ukraine reports that it will receive nearly $700 million in aid from the U.S. to upgrade export logistics and transportation.