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Farmers expected to store bulk of 2023 crop

Market headwinds are expected to curb farmer selling during harvest.

Glenn Wachtler with Compeer Financial’s Grain Team says corn and soybean prices continue to reflect weak export demand.

“It seems like we were on top of the world in June, and now it seems like almost all the bad news we could ask for us getting thrown at us from left and right.”

He tells Brownfield low levels on the Mississippi River and Panama Canal could also incentivize storing grain.

“That all affects shipping and our exports, and that basis is something that could certainly improve by this spring when the river levels come up. So I would make sure I’m using on-farm storage.”

Wachtler says January is typically a good month for basis opportunities and a carry has returned to the futures market.