MarketEdge PM Comments
Apr 12, 2023
Old crop corn and beans were up today, and new crop was down on both corn and beans. May corn was up 5, while new crop corn was down 3¾. May beans were up 7, and Nov beans were down 6½.
- Focus continues to be on South American production and the US weather forecast as we move towards planting domestically.
- The forecast for much of the corn belt is wetter this week, with precipitation anticipated through the weekend; the extended 8-14 day forecast is also slated to be wetter and warmer
- Yesterday’s WASDE report indicated that tight carryout we’ve been seeing, and any kind of planting delay could give this market some upside.
- The global stocks to use ratio for corn is at a 3 year low, at 25.5%
- Nearby basis has been aggressive on corn in parts of the Midwest as producers are preoccupied with spring agronomic needs.
- Currently, the US is about $100 more a ton vs Brazilian beans
- The monthly bean chart has formed a wedge and indicates a break one way or the other- will it be supported by wheat production issues, or be pushed lower by an ever-growing Brazilian crop?
- Inflation fell in March, the ninth consecutive month to do so; however, the Fed is still anticipated to hike interest rates.
- The Dow and crude were up, and the Dollar was moderately softer.
Have a great night.
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.