09/10/2023 Sunday Market Preview

Grains are called steady to slightly higher as lower yield ideas lead into the Tuesday crop report. Trading volume has been much lighter than average and will likely remain that way until the report is out. In the Headlines Barged grain movements ground to a halt last week as low Mississippi River levels became an even bigger problem. At about 9.5 feet below the zero stage, water levels at Memphis were approaching the record low reached in October of last year at -10.8 feet. Southbound barge freight rates from the Mid-Mississippi climbed another 9 percent last week. Fresh news was limited from the war in Ukraine, with more Russian drone attacks on Kiev, but no new targeting of Ukraine’s grain facilities. The drones were Iranian made, which is notable as reports circulate about Vladimir Putin preparing to meet with North Korean leader Kim Jong Un to discuss North Korea potentially sending weapons and ammunition over to Russia. China was reportedly a buyer of more U.S. soybeans last week, something that could show up in flash sale announcements over the coming few days. Soybean export sales were announced on two of the four business days last week. The USDA reports any…