9/26/23: Markets floating around unchanged this morning, after an equally quiet day yesterday.  Crop conditions and progress reports out yesterday afternoon showed Soybeans going backwards a touch from 52% good/excellent down to 50%.  Corn increased 2% from 51% to 53%.  US harvest progress all in line with 5-year averages.  Spring wheat at 96% complete, Corn 15% and Soybeans 12% complete.  Macro markets are going to keep adding downward pressure to the ag market, specifically the USD as it pushes higher. Russia and Ukraine have both continued to attack port facilities on each side, targeting ag infrastructure.  Markets have brushed that off as nothing more than noise for now, as boats continue to be left alone by both sides.

USDA reports out September 12th were neutral to bearish beans and corn, and moderately bullish wheat.  Balance sheets for US wheat were essentially unchanged but global wheat production and carryout were lowered.  Would indicate that maybe we just put in the lows on wheat at least in the short term.  We will know if the lower production and carryout is true if the rest of the world starts raising their export prices.  Russia FOB values the main country to monitor.  Corn yield was lowered again to 173.8 bpa, but harvested acres were increased.  Net result an increase in corn production to 15.13 billion bu and an increase to the 2024 carryout now at 2.22 billion bu.  

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