MarketEdge PM Comments
Apr 17, 2023
(Caleb Kaufmann)
Green all around the screen today as markets kicked off the week higher, May corn closed 10 ¼ to $6.7650 – look for bids to start rolling to the July at many destinations - July corn closed up 6 ¾ to $6.4250, December corn was also up 6 ¾ at $5.6675, May soybeans were up 16 ½ to $15.17, November beans close the day up an even 10 to $13.1150.
Green all around the screen today as markets kicked off the week higher, May corn closed 10 ¼ to $6.7650 – look for bids to start rolling to the July at many destinations - July corn closed up 6 ¾ to $6.4250, December corn was also up 6 ¾ at $5.6675, May soybeans were up 16 ½ to $15.17, November beans close the day up an even 10 to $13.1150.
- NOPA crush report came in higher than expectations and 15-month high at 185.810 million bushels crushed in the month of March. This is the 2nd largest monthly crush since a record-setting 186.438 million bushels were processed by NOPA members in December 2021.
- US corn is 8% planted vs the trade estimate of 10%, 3& last week and 5% 5-year avg.
- Iowa 7%, Illinois 10%
- US soybeans are 4% planted vs 1% this time last year and also 1% 5-year avg.
- Iowa 3%, Illinois 4%
- Winter Wheat conditions remain steady with last week at 27% G/E
- Russia didn’t inspect any Ukrainian grain vessels in Turkish waters over the weekend, making a renewal of the Black Sea Gain initiative on May 18th seem less likely.
- Slovakia joins Poland and Hungary in vetoing Ukrainian grain.
- Brazilian bean harvest is seen at 86% complete, according to Ag Rural