September 21st, 2023 Corn and bean markets are both hanging out towards the lower end of the range that we've seen over the past couple of months, although corn has bounced back somewhat from the lows made early this week. It feels like markets are trying to make their seasonal harvest lows here over the next few weeks, and there's not a lot of bullish news out there to make them turn higher at the moment. Everyone is waiting to get a bigger sample of actual harvest yields coming in to see if we can verify what the estimates are at now. Bean yields will be watched closely, and if they come in much lower than expected that could make markets rally as the bean balance sheet becomes very tight. Corn is trying to get low enough to find some export demand. Crushing demand for beans and ethanol demand for corn should be very good as both have large margins right now. Brazil is expected to grow less corn this upcoming year (120 mmt vs 132 mmt) as margins to grow corn are obviously much less than beans right now, which supported the corn market the last couple of days.
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