Corn starting day up slightly. Friday, September 22, 2023
December corn is currently up less than a penny.
November soybeans are up a penny.
CBOT wheat is flat. KC wheat is down 2¾¢. Minneapolis wheat is flat.
“We need to get harvest progress to about the 30% mark before seasonal selling pressure is likely to ease in corn and soybeans,” says Al Kluis, managing director of Kluis Commodity Advisors.
The most recent Crop Progress report put corn and soybean harvest progress at 9% and 5% respectively.
“The U.S. weather outlook for harvest is mixed: Rapid progress is likely in the eastern Corn Belt, which is expected to see below-average precipitation over the next two weeks,” says The Brock Report. “Yields in the east have been coming in very strong. The western Corn Belt is more of a mixed bag, with rains expected this weekend and early next week across the region. The rains are needed, but in the near-term they’ll slow the harvest, and World Weather Inc. says they won’t be enough to increase runoff and allow for replenishing of the Mississippi River system which is for the second straight year historically low.”
Crude oil is up 90¢.
S&P 500 futures are up 12 points. Dow futures are up 40 points.
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