Good morning,

Corn is down 3 and soybeans are up 3 to start the day.

AgRural reported Brazilian center-south corn planting at 27% complete, up 11% on the week and the fastest pace since record began in 2013. The soybean crop is 16% harvested, up five points on the week.

Rains fell in southern Argentina yesterday but fill in to almost all crop areas through Saturday; forecasts are wetter north/drier south for the 6-10 day. Brazil saw some widespread rains over the past 24 hours, and more is on the way over the next five days, with the best chances shifting west/south for the 6-10.

We will get the February WASDE report on Thursday the 8^th at 11am. This report is usually uneventful from a domestic standpoint and the trade doesn’t expect to see any major changes in the US demand picture.

Thursday will also bring CONAB’s report on the latest Brazilian numbers. Both CONAB and the USDA remain much higher than many in the trade for the Brazilian soybean production numbers. It will be interesting to see if either one of them adjust lower on Thursday.

Have a safe day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets are higher to start the day with corn up 4, soybeans up 10 and wheat up 2.

The weather remains hot and dry in Argentina but has had no bullish impact.  Yesterday some beans were bought out of the Southeast US from Brazil.  Brazilian basis has dropped to the level where small amounts of beans can be imported to the Carolina’s.

Argentina will be mostly dry until the 11–15-day period, with rain chances confined to fringe crop areas over the next ten days. Brazil started to see some scattered showers yesterday and chances look good in the north through Saturday, improving in central crop areas next week, still driest in the south.

Both corn and soybean markets are struggling to hold rallies recently. Corn is fighting to hold short-term support but is struggling to find a bullish catalyst. Corn export inspections continue to hold pace while soybeans fall a bit further behind as concerns grow around the Chinese economy and their demand.

Take advantage of the up days in the market to make sales as they appear to be few and far between.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

All grain markets are starting the week off lower with corn down 5, soybeans down 10 and wheat down 7.

A drone strike killed three U.S. service members today in Jordan, creating fears of an escalating regional war in the Middle East. The strike by Iran-backed militants wounded at least 34 other service members. Iran denies involvement, but it’s widely believed that Iran is involved in the dozens of attacks on U.S. forces in recent months, with today’s fatalities bound to raise political pressure on the Biden Administration to have a strong response in an election year.

Not much has materially changed since late last week. Funds continue to add on to their net short positions amid good weather across South America, promoting a good harvest pace for soybeans in Brazil followed by rapid second corn crop planting progress. Argentina’s weather forecast for the week two is wetter than that of Sunday.

Argentine production estimates are rising to further offset losses in Brazil. The focus will soon shift to the U.S. Midwest planting season. Corn must lose acres this year to avoid a ballooning balance sheet. Some analysts are proclaiming that soybeans must gain acres to avoid being tight in the year ahead. I do expect soybeans to gain acres, and corn to lose some, but I disagree that soybeans “must” gain acres.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Corn is down 2 and soybeans are down 7 in the overnight trade.

The USDA will release a lot of reports on Friday at 11am including the USDA WASDE, Crop Production, Quarterly Grain Stocks. Trade estimates for the reports were released and as expected, wide ranges are seen for December 1 U.S. stocks, U.S. corn & soybean production, and South American corn & soybean output. The average trade guess calls for no change in the U.S. corn & soybean yield.  For December 1 U.S. stocks, the consensus is for grain stocks to expand from a year ago and soybean inventories to contract.

The average guesses for Friday’s report are listed below.

USDA 2023 Harvested Area (Million Acres)

USDA 2023 Yield (Bu/Acre)

USDA 2023 Production (Billion Bushels)

USDA 2023/24 Carryout (Billion Bushels)

South American 2023/24 Production (Million Tonnes)

Producers should get firm offers in place with buyers ahead of Fridays report. Historically this report is a market mover. Don’t be surprised to see some major moves higher or lower on Friday.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Overnight corn was down 1, soybeans up 1 and wheat down 1.

Corn and soybeans have done a lot of trading to the downside to start the year and yesterday was just another one of those days. The fact that we bounced and closed off yesterday’s lows is a sign that we may not go continue straight down with some big data due out on Friday. The USDA is hard to predict but the fact that we have both the WASDE and stocks report out on Friday only adds uncertainty. Personally, I don’t think we have much more risk of the downside in the short term. We could see a dip on Friday if the numbers are surprising, but I believe it would only be a one-day trade. Until we have more certainty around the Brazilian production, 4.50 CH should be a good support level.

There are rumours of China cancelling soybean purchases out of the US this week, which doesn’t come as a great surprise. Speculation is that they are cancelling due to having more certainty around the Brazilian supplies given the latest rains and forecasts for South America.

Brazil’s weather continues to perform in a helpful manner. Rain is plentiful as systems rotate through the belt the next 15 days. The 1st crop is just at its advent of harvest with 2% of the crop taken up. Even as some of the 1st crop corn is ready, 7% of the 1st crop remains unplanted which shows the spectrum that defines Brazil’s production cycle.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com