To the nearest thousand, how many miles does the average American drive per year?
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Grain Market Insight
Afternoon Grain Comments 9-30-2022 – Good afternoon. The grains were mixed at the end of the day session, with wheat and corn moving higher, and beans moving lower. The Stocks report was today and they cut 21/22 corn acreage and yield fractionally. They increased feed usage/residual by 107 mbu. Export will most likely be lowered in order to boost carryout. 21/22 bean stocks were increased by 30 mbu and national yield was also increased. With the added bushels beans saw a selloff today. Stocks didn’t change for wheat but production dropped 130 mbu. Spreads were the big story of wheat. The December/May KC wheat spread added 8 cents to its inverse. At the close of today’s markets cash wheat was up 25 cents, cash milo was up 8 cents, cash corn was up 13 cents with a basis change, and cash soybeans were down 46 cents. Have a great evening and weekend!
Morning Grain Comments 9-30-2022 – The grain markets were higher overnight as we are three hours away from the quarterly stocks report to be released at 11:00 this morning. The StoneX Quick Editorial this morning stated “soybeans led a dismal session of overnight volume but wheat is leading gains this morning, though the entire complex remains range-bound ahead of key USDA stocks and small grains today. Wheat is on the top of its own range, though, with traders continually weary of escalation in Ukraine…” In world grain trade news, KFA in South Korea purchased 2.6 million bushels of corn from South America and Algeria has made some purchases in their tender this week and is expected to make more today with the purchases yesterday totaling about 5.5 million bushels likely from Russia with purchases expected today to be from the E.U. At the end of the night session at 7:45 this morning, Kansas City December wheat was 9.75 cents higher, Chicago December corn was up 4.25 cents, and Chicago November soybeans ended the night session 6.5 cents higher. Have wonderful day and weekend.
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