MarketEdge PM Comments
Aug 07, 2023
(Caleb Kaufmann)
Tough start to the week for the bean market closing down 31 ¼ after widespread weekend rains and a relatively favorable weather outlook moving forward. Corn seems to be caught between the bean and wheat markets moving in opposite directions, beans as mentioned above, and wheat moving higher on further developments with Russia/Ukraine. September corn was down 2 cents today and December corn was down a penny and a half both closing at about the midway points in the days price range.
Tough start to the week for the bean market closing down 31 ¼ after widespread weekend rains and a relatively favorable weather outlook moving forward. Corn seems to be caught between the bean and wheat markets moving in opposite directions, beans as mentioned above, and wheat moving higher on further developments with Russia/Ukraine. September corn was down 2 cents today and December corn was down a penny and a half both closing at about the midway points in the days price range.
- US corn crop came in at 57% G/E vs 55 last week and 58 a year ago.
- US soybean crop is rated 54% G/E vs 52 last week and 59% last year.
- Chinese corn futures have risen 4 consecutive sessions in a row due to concerns of flooding reducing their crop potential. Only a gain of 2%, but something to keep an eye on.
- USDA announced this morning the sale of 251k tons of new crop corn to Mexico, and 132k tons of new crop soybeans to China.