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.
  • 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

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.