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The USDA’s September WASDE report was bearish for corn and soybeans vs expectations. The US wheat numbers were neutral but Global Ending Stocks for 2023-24 was bullish. This resulted in high protein wheat rallying after the WASDE while corn and soybeans sold off. Corn likely finds a seasonal low over the next couple of weeks. Soybeans remain tight until S. American harvest. Soybean oil will continue to be in demand due to profitable margins and increasing biodiesel capacity. Major exporter ending stocks will be almost as tight as they were in 2007! Make sure you take a listen to the week’s Turner’s Take Podcast. For trade ideas and hedge recommendations, check out Turner’s Take Premium.
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If you are having trouble listening to the podcast, please click here for Turner’s Take Podcast episodes! Craig Turner – Commodity Futures Broker 312-706-7610 craig.turner@stonex.com Turner’s Take Ag Marketing: https://www.turnerstakeag.com Twitter: @Turners_Take Contact Craig Turner
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