MarketEdge PM Comments

Apr 26, 2023

(Allison Ryan)

Another dismal day in the corn and wheat markets, and beans were mixed. July corn was down 6¾, and new crop was down 4¾. July beans were down 2¾ and November was up ¾ c.
  • The funds were sellers in corn, beans and wheat today
  • A key support for the December board is at 5.43
  • The Black Sea grain deal could be continuing to impact this market, as Russia claims they are still working on negotiations; Ukraine’s exports are down 10% year over year
  • China’s cancellation of a corn shipment earlier this week continues to put pressure on the old crop; the political frictions and those implications are underlying
  • Brazil’s safrinha crop is coming down the pipeline (although temps were called to be warmer in that region), and other Chinese cancellations could be coming once Brazil starts harvesting their crop (June), as they are much cheaper than the US
  • Brazil’s bean production continues to break records; and new reports indicate they may plant even more beans next year
  • Basis was steady to slightly weaker for both corn and beans, with demands being met
  • The Dow was lower, as well as crude, and the Dollar was slightly softer
Have a great evening.

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
Nearby corn futures were slightly higher, deferred corn contracts were lower, and soybean futures were higher overnight.