09/04/2023 Monday Market Preview

Grain and livestock markets are closed for Labor Day before the grains open again tonight at 7 pm central. Opening calls are uncertain for the grains while traders await the outcome of negotiations that could restart the Black Sea export deal. Attacks on Danube River ports reportedly damaged more grain export infrastructure over the weekend, but they occurred ahead of meetings that are now taking place between Russian President Vladimir Putin and his Turkish counterpart Tayyip Erdogan. Grain futures should otherwise find support from a forecast that extends dry weather for at least another week. In the Headlines Viktor Korobko of VEA Brokers in Ukraine raised his production estimates for the country’s wheat crop to 22.5-23 million metric tons, which is a bit ahead of where the USDA last pegged it, at 21 mmt. He was between 25 and 26 mmt for Ukraine’s corn crop, which is short of the USDA at 27.5 mmt. Like for the U.S., dry weather at the end of the season hurts overall potential and poses a risk ahead of the winter crop planting effort. Viktor also made note of the attacks flaring up again on Ukrainian ports along the Danube River. Barge rates were…