MarketEdge PM Comments

Aug 03, 2023

(Sam Bair)
Good evening, grains were split today as corn finishes down for the eighth day in a row. September Corn futures are down 7^4 closing at 480^6, and new crop corn is down 7^0 closing at 493^4. August Bean futures were down 1^0 closing at 1428^6, and new crop beans are up 4’0 closing at 1325^2. Wheat finishes lower after the day session.
  • This morning, USDA reported a sale of 134k tonnes of new crop to China, helping soybeans finish in the green.
  • Favorable weather is still in the forecast for the 1st half of August to help during this crucial period of the growing season.
  • We still need to see more demand for corn and beans moving forward to see a sustainable rally.
  • The US Drought Monitor released their weekly maps today. As of Tuesday 57%, of the US corn crop and 51% of the US bean crop was under drought conditions.
  • Export Sales for last week:
    • Corn                Sales      Expectations
    • Old Crop    108,000 mt     150k-500k
    • New Crop   349,000 mt     200k-700k
    • Beans              Sales      Expectations
    • Old Crop     91,000 mt       50k-400k
    • New Crop   2.631 mmt      1-2.5 mmt
  • The livestock markets were mixed today, with Cattle finishing up, and hogs finish in the red.
  • Gold, Dow Jones, Nasdaq, and S & P all finish lower on the day.

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.