Your Pro Farmer newsletter (September 23, 2023) is now available

Corn and soybean harvest continues to roll along at quicker-than-normal clips given the early end to the growing season in many areas amid hot and dry conditions. The extended forecast suggests harvest will remain rapid in northern areas of the Corn Belt, though expected above-normal rains in October could slow efforts in other areas. Still, it looks like 2023 will be a rapid harvest season. The early influx of new-crop corn and soybean supplies is putting heavy pressure on basis. But falling water levels are also influencing the cash market. As water levels drop, barge rates are rising. With Midwest river levels forecast to potentially reach record-low levels during October, basis is likely to face more near-term pressure – and new-crop exports will remain sluggish. The markets will need bullish surprises in USDA’s Sept. 29 Quarterly Grain Stocks Report to forge early seasonal lows. On the economic front, the Fed paused its monetary tightening, though it indicated rates will remain high for an extended period. In Washington, it appears the government is headed for a shutdown on Oct. 1 as lawmakers can’t agree on even a stopgap spending measure. We take an in-depth look at what will and won’t happen if there’s a temporary shutdown. We cover all of these items and much more in this week’s newsletter, which you can download here.