MarketEdge PM Comments

Aug 02, 2023

(Allison Ryan).

Grains closed lower today, after initially being up on the overnights. Old crop corn was down 8¾ and December was down 6¾. November beans were down 20. Wheat was also down 8-12.
  • The market tapered off after finding out the damage overnight by Russian missiles was contained to a grain silo – it was feared much worse initially; however, it borders Romania, which is a NATO member, and does not bode well.
  • Private analyst yield predictions start this afternoon and will continue throughout the next few weeks- the market will absorb these as they come.
  • The US credit rating was downgraded from AAA to AA+, the first downgrade since 2011.
  • Weather across much of the corn belt looks friendly throughout at least the first half of August, also prompting selling; the 8 to 14 day forecast also looks wetter and cooler for much of the central plains.
  • Basis on both corn and beans continue to dwindle with plant shut-downs looming.
  • The Dow was lower, crude was down, and the Dollar was firmer.
Have a great evening.

Read More News

Aug 28, 2023
​Good Morning.  Corn and soybean futures were higher overnight.
Aug 25, 2023
September corn closed down 1 ½ at 4.7075 and December corn closed down a quarter of a cent at 4.88.
Aug 25, 2023
​Good Morning.  Corn and soybean futures were higher overnight.