MarketEdge PM Comments

Aug 08, 2023

(Cody Forde)
Good afternoon,
Turn around Tuesday was a little slow until later in the session, with soybeans leading the charge higher. November soybeans last trade was 1305^2 up 3^2. December corn last trade was 499^2 up 3^4. We have the WASDE report this Friday which could add volatility to the market. Traders are looking for a decline of 2 bushel per acre on the corn side. That would put US corn yield at 175.5. which could add some fuel to these markets. We are also watching a large unknown in China with rains which have sparked flooding in corn growing regions of their country.
Soybeans are expected to have a yield decline as well on Friday. Traders look for a .7-bushel decline from the previous report, which could keep the balance sheet in tighter shape. If we have the decline, we would have ending stocks at 267 million bushels if that comes true on Friday.
Here are some of the levels I am watching into the report. I would like to see December for close over 5.01 and head towards the gap at 525^4. After that, I will look for a push into the 5.40 area if supply warrants it. Downside targets would be a revisit of 4.81 July low.
  • Crude oil traded 83.00 dollars a barrel up 1.06.
  • E-min Dow traded 35,370 down 184 points.
  • Silver traded 22.840 down .392 per OZ.
  • Bitcoin traded 30,125 up 870 dollars per coin.

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.