MarketEdge PM Comments

Apr 03, 2023

Soybeans open the new week piggybacking off strength from Friday with the nearby contract closing at the highest level since March 6th trading above the 20, 50, 100, and 200-day moving averages throughout the entirety on the days trade. Corn was a different story, opening higher and trading up as much as 8 cents only to ultimately close down 2 ¾.
  • Brazilian soybean exports were a record for the month of March ta 13.271 mmt and corn was the largest since 2016.
  • US corn exports last week totaled 43.2 million bushels, well above last weeks figure and right in line with the needed 42.6 million bushel/ week needed.
  • US soybean exports last week were 18.3 million bushels, within expectations and above the pace needed of 12.5 million bushels/ week. Total unshipped purchases to China stand at 32.7 million bushels vs. 79.7 million at this time last year.
  • The first US weekly crop progress report of the year out today puts Winter Wheat conditions at 28% G/E, worse than the expected 31%. We also saw corn planting progress at 2% complete, inline with expectations  and exactly at the 5-year average as well as last year’s pace.

Read More News

Apr 27, 2023
Grain prices were in the red again today.
Apr 27, 2023
Corn and soybean futures were lower overnight.
Apr 26, 2023
Another dismal day in the corn and wheat markets, and beans were mixed.