11/07/2023 Harvest Progress a Bit Short of Expectations, Wheat Ratings a Bit Better than Expected

NEW SOYBEAN RECCO DAY 1: Use this Brazilian weather scare market to sell the first 20% of stored ’23 beans when January futures hit 1374. On the Grains: Yesterday’s weekly export inspections were a mixed bag. Corn loadings at 535,000 tonnes were the star, beating the top end of expectations ranging from 175K to 400K. Soybean sales were decent, but at 2.09 million short of midway of guesstimates that ranged from 1.75 million to 2.35 million tonnes. Wheat loadings were a bust. At less than 72,000 tonnes, they were less than half the low end of expectations ranging from 175 to 400K. All the grains are weaker in overnight trade as buyers take a breather. They’ll get their chance to “buy a dip.” National average corn basis is steady and bean basis improved another penny yesterday. After the close, we got the weekly Crop Progress report and the weaker overnight trade is likely reaction to that. Corn harvest is at 81%, 4 points ahead of the 5-year average but 4 points behind last year and short of trade expectations, it would be as high as 85%. The two biggest corn states, IA and IL, were at 89 and 90% complete respectively….