Commodity Comments: 

11/8/23

Tomorrow the WASDE report will be out. 

Current estimates have corn yield up .3 to 173.3.  No increase in demand or usage will push that carry out into a 2.141BBU number. The only demand that has been happening is some trains heading into Mexico.  It is a small program but at least it is something at the moment. 

Harvest progress for corn was projected at 81% versus 85% last year. 

Soybean yield is expected to be unchanged for tomorrow's report at 49.6 bu/acre. the push in soybean futures has been the wet area of Brazil are too wet to plant and the dry areas of Brazil are too dry for anything to start growing. Also, the last 2 days have brought additional sales out of the PNW as Brazil is projected to be out of old crop stocks to sell. Bean sales to date are still about 300 mbu below last year though.

Wheat projections are expected to be unchanged for tomorrow. 

I am sure that the elevator space around the area is the hot topic.

Typically there is NOT a PNW program for corn in October and November because the ports are typically dedicated to beans since the window for shipping beans closes in January or February.

JVG has been able to ship out a couple of corn trains this harvest but they have been shipped to Oklahoma, Missouri, Canada, Texas and California. Although it is a program, it is a very small one. The rail system can not move the bulk of the 23 crop in a 4-6 week timespan.  Piles seem to be evident across most of this area. Definitely not a bad problem to have though!

JVG appreciates the patience of the farmer as we try and get things into position to keep the trucks moving.  

If you ever have any questions regarding the different types of contracts that JVG offers, please give us a call.  We have cash, futures fixed, Minimum Price, Averaging and Basis Fixed available.  Also, if you hear of different kinds of contracts that you may be interested, let us know.   

Have a safe harvest season!

Tiffany Heier