Good morning,

Markets are unchanged to lower this morning with corn up 1 and soybeans down 8.

Weekly export sales came in at 37.8 million bushels which was a move in the right direction. Soybeans came in at 108.2 million bushels which was the highest since early November. We will need to average 45-50 million bushels over the next few weeks for me to become bullish US exports heading forward. If we fail to reach these levels, I think we may see another 200-300 million bushels added to US carryout numbers.

Brazil will see normal to above normal rains over the next 10 days.  Argentina stays dry for the next 10 days with slight chances past that.  This forecast looks the same as yesterday with a move to much wetter conditions in Argentina in the extended forecast.  Temps have moved to more normal as the heat is expected to draw back.  A wet forecast for Argentina is putting some pressure on beans.

Have a safe day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets are mixed to start the day with corn up 4, soybeans unchanged and wheat down 4.

At 11:00am today the USDA will release their December WASDE report. Estimates for today’s report are listed below. Historically this is a quiet report for the markets as very few if any changes are made. There will be no adjustments to the production side of the equation, just demand updates. Most are looking for a slight reduction in export demand with the USDA giving a bigger more accurate update in January.

2022/23 US Carryout (billion bushels)

2022/23 World Carryout (million tonnes)

Look for the markets to remain flat to slightly lower following todays report, especially if we get a reduction in export numbers. I would advise producers to be locking in prices and getting firm offers in place for the bushels you have stored in bins.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Corn is showing a small bounce this morning after the recent selloff. Currently corn is up 5 while soybeans and wheat are up 6 and 22 respectively.

The lack of export business has been weighing on the markets and will continue to do so well into the spring and summer months unless there are weather issues in South America.

Brazil exported a record 6 million tons of corn in November, bringing the year-to-date total to 38 million tons, almost twice as much as the 20.6 million tons shipped in 2021. Brazil is expected to harvest a record 126 million tons of corn, according to the USDA.

Four vessels loaded with Brazilian corn are currently in route to China and five more should sail to China soon, according to the shipping agency Alphamar Agencia Maritima. Additional vessels waiting to load may also head there, pushing total Brazilian corn shipments to China past 1 million tons for the year.  Historically an importer of American and Ukrainian corn, China’s appetite for cheaper and abundant Brazilian supplies are taking a toll on US sales. Export inspections of American corn of 6.3 million tons are down 33% so far this year, pressured by a dry Mississippi River that is raising logistics costs and helping to keep supplies too expensive for importers.

Producers should take advantage of todays bounce to make any additional 2022 sales they have to make. We are stuck in a 40-50 cent window and trying to pick the high is going to be tough. I would advise making small sales thruought the winter to keep bins cored and cash flowing. New crop sales for 2023 should not be forgotten and putting some sales on at current levels is not a bad idea.

Have a Safe Day!

Garry Gard

920-348-6844

Ggard@didioninc.com

Good morning,

Corn and wheat markets are down this morning on news out of Russia! Corn is currently down 12, wheat is down 24 and soybeans are up 6.

Russian President Vladimir Putin is “open to negotiations” on Ukraine but the West must accept Moscow’s demands, the Kremlin said on Friday, a day after U.S. President Joe Biden said he was willing to talk if Putin were looking for a way to end the war. This is what has corn and wheat futures down this morning with a potential end of the conflict in the Ukraine.  I am not buying the rumor this morning as we’ve seen enough out of the Kremlin to have no idea what the end game would actually look like, but it is one of the first signs of hope that we have seen.

The EPA announced the RVO biofuel mandates for 2023,2024, and 2025 at 22.68 billion gallons.  RVO’s were expected to be higher and bean oil is down sharply by 300 points.  The EPA set corn ethanol at 15.0 billion gallons for 2023, and 15.25 gallons for 2024 and 2025.  This flat increase tells of a mature industry where the EPA is looking for no growth.

Corn, soybeans and wheat are showing the characteristics of a bad market.  The EPA’s lack of changes would not have caused this kind of violent reaction in the markets a year ago, but here we are.  The Fed is going to raise interest rates another .5% sometime next week, which certainly won’t help matters.  We are always in changing times; this era is going to be defined by higher interest and the cost of money.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets are quiet this morning with corn down 1 and soybeans up 1.

The announcement yesterday that OPEC would cut production put a reversal in for crude oil. This also sparked a rally in bean oil, pulling beans and meal higher with it.  Corn and wheat stayed down as the December roll and first notice day is Wednesday. Even with the selling, corn futures have been largely unaffected in price.  Dec corn futures have been trading between 6.50 to 6.70 for the past two weeks. We could see a bounce in the corn and wheat markets after first notice day, but I don’t expect much at this point.

Private analysts AgRural reported ‘22/23 Brazilian soy planting at 87% complete, slightly behind last year with center-west dryness hampering fieldwork. Summer corn planting reached 88%, down from 93% at this point last season.

US Crop progress report was delayed until this afternoon due to technical issues at the agency. This will be the last progress report until they resume in early April.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com