This week, Will and Ben dive into what will drive the 2023 crop markets.

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Market recap (changes on week):

- March corn up $.03 at $6.76

- December 2023 corn flat at $6.06

- January soybeans up $.34 at $15.23

- November soybeans up $.05 at $14.11

- January soybean oil down 1.37 cents at 65.02 cents/lb

- January soybean meal up $17.20 at $465.00/short ton

- March wheat up $.06 at $7.87

- July wheat up $.05 at $7.97

- January WTI Crude Oil down $0.74 at $79.27/barrel

Weekly highlights:

- US ethanol production was down again for the most recent week of data- falling below 1 million barrels per day- the first time since early October. But with the lack of use- the decrease wasn’t enough to offset, and ethanol stocks increased on the week.

- Export sales pulled back again over the holiday week- corn was slightly up from its10 weeks average while soybeans were well below their recent volumes. Wheat exports were strong and exceeded all expectations.

Topics:

- Market recap

- Likely 2023 market drivers:

- Black Sea production

- 2023 inputs

- Cost/price squeeze risk increasing

- Acreage/production competition

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One of the best ways to plan for the upcoming growing season is to review notes from the previous year. 

In this Managing for Profit, Lynn Justesen, technical services lead for UPL says farmers should consider what practices worked and what didn’t and make adjustments accordingly. 

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Ross Bender is director of new product development for The Mosaic Company and says it’s important for farmers to understand the dynamics of nutrient use in a plant. At the macro level, he tells Brownfield nutrient use efficiency centers around the ability of crops to take up and use nutrients.

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Risk management guidance is essential for producers. In this episode, eastern Iowa pig farmer Trish Cook explains how their family utilized the Coalition to Support Iowa’s Farmers as they looked to grow their operation.

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With record high input prices, farmers should maximize the efficiency of fertilizer applications to help increase return on investment by boosting yields at harvest time.

In this episode of Managing for Profit, an agronomist says it all comes down to the right day on the calendar. 

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John Deere digital specialist coordinator Doug Dickman says Operations Center is Deere’s farm management information system that helps growers analyze data from the field as well as machine performance to guide decisions in a user-friendly format.  

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- March corn $6.8275 up $0.08

- January soybeans $15.065 up $0.2425

- January soybean meal $466.30 up $14.50

- January soybean oil 65.80 down 185 points

- March Chicago wheat $7.855 up $0.11

- February live cattle $157.80 down $0.07

- February lean hogs $90.80 down $0.67

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Having access to a corn herbicide that provides consistent control of broadleaf weeds and grasses is a game changer for farmers.

In this Managing for Profit, Elizabeth Brand with Bayer CropScience talks about TriVolt, a powerful new tool available to retailers and growers for the upcoming growing season.

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Market recap (changes on week):

- March corn up $.24 at $6.73

- December corn up $.12 at $6.06

- January soybeans up $.38 at $15.06

- November soybeans up $.22 at $14.06

- January soybean oil up 2.73 cents at 67.43 cents/lb

- January soybean mean up $7.60 at $460.10/ton

- March wheat up $.34 at $7.81

- July wheat up $.32 at $7.92

- January crude oil up $4.13 at $80.01

Weekly highlights:

- For the week ending December 16th- US gasoline consumption picked up (maybe driven by college students heading home for winter break). That coupled with a 7.5 million gallon drop in weekly US ethanol production was enough to pull down ethanol stocks.

- Export sales pulled back in a big way for the most recent week. Export sales were down across the board except for soybean meal and soy oil.

- Open option positions were up slightly for Chicago wheats while being down for corn and soybeans. Managed money traders sold out of corn in a big way while buying back wheat and soybeans.

- Ag Export inspections were mixed on the week corn and grain sorghum were up while soybeans and wheat were slightly down. Everything was within pre-report expectations.

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