MarketEdge AM Comments
Jul 06, 2023
(Phil Knuth)
Good Morning. Corn futures were higher and soybean futures were lower overnight. September corn finished the overnight session up 5 cents, settling at 4.9025. August soybeans were off 3 ¼ cents, settling at 14.6550. In the outside markets, as of 7:40am: The US Dollar Index is off 225 points, trading at 103.148. August crude oil is off 11 cents, trading at $71.68 per barrel. Precious metals are all lower. Industrial metals are lower, except tin. The Electronic Mini-DJIA is off 232 points, trading at 34,277. Corn futures rebounded overnight in what feels like a “dead cat bounce” after struggling since Friday’s shocking acreage figure. Meanwhile, soybean futures appear to be in consolidation-mode after digesting Friday’s bullish acreage figure and reacting accordingly. Fresh news regarding grains and oilseeds is limited this morning. The forecast for the US Midwest continues to offer pressure to futures as the overall outlook has shifted to wetter and cooler for the month of July. Of course, we are still in the midst of a weather market so literally anything is possible depending on whether or not the forecast delivers. Precipitation in the last 24-hours was limited to Illinois, parts of Indiana and Wisconsin, and Michigan while rainfall in Iowa was scarce. The weekly Export Sales Report will be delayed until tomorrow as a result of the observance of Independence Day. Yesterday, the funds sold 2000 contracts of corn, were net even on soybeans, and bought 15,000 contracts of wheat. They are now estimated to be net long 10,760 contracts of corn, net long 107,060 contracts of wheat, and net short 61,930 contracts of wheat. From a chart perspective, September corn finds initial support at the new 21-month low charted yesterday, 4.79. Initial resistance is at 4.92, the overnight high, followed by the psychological 5.00 mark. August soybeans find initial support at 14.50, followed by the psychological 14.00 level. Initial resistance is at the overnight high, 14.79, followed by the psychological 15.00 mark, and then the four-month high charted on Monday, 15.0475. Opening calls are mixed. Following are 24-hour rainfall totals reported by River Valley Coop employees for their respective Coop locations and/or homes:
Have a great Thursday.
Good Morning. Corn futures were higher and soybean futures were lower overnight. September corn finished the overnight session up 5 cents, settling at 4.9025. August soybeans were off 3 ¼ cents, settling at 14.6550. In the outside markets, as of 7:40am: The US Dollar Index is off 225 points, trading at 103.148. August crude oil is off 11 cents, trading at $71.68 per barrel. Precious metals are all lower. Industrial metals are lower, except tin. The Electronic Mini-DJIA is off 232 points, trading at 34,277. Corn futures rebounded overnight in what feels like a “dead cat bounce” after struggling since Friday’s shocking acreage figure. Meanwhile, soybean futures appear to be in consolidation-mode after digesting Friday’s bullish acreage figure and reacting accordingly. Fresh news regarding grains and oilseeds is limited this morning. The forecast for the US Midwest continues to offer pressure to futures as the overall outlook has shifted to wetter and cooler for the month of July. Of course, we are still in the midst of a weather market so literally anything is possible depending on whether or not the forecast delivers. Precipitation in the last 24-hours was limited to Illinois, parts of Indiana and Wisconsin, and Michigan while rainfall in Iowa was scarce. The weekly Export Sales Report will be delayed until tomorrow as a result of the observance of Independence Day. Yesterday, the funds sold 2000 contracts of corn, were net even on soybeans, and bought 15,000 contracts of wheat. They are now estimated to be net long 10,760 contracts of corn, net long 107,060 contracts of wheat, and net short 61,930 contracts of wheat. From a chart perspective, September corn finds initial support at the new 21-month low charted yesterday, 4.79. Initial resistance is at 4.92, the overnight high, followed by the psychological 5.00 mark. August soybeans find initial support at 14.50, followed by the psychological 14.00 level. Initial resistance is at the overnight high, 14.79, followed by the psychological 15.00 mark, and then the four-month high charted on Monday, 15.0475. Opening calls are mixed. Following are 24-hour rainfall totals reported by River Valley Coop employees for their respective Coop locations and/or homes:
| CITY | COUNTY | STATE | RAIN TOTAL |
| DEER GROVE | WHITESIDE | IL | 1.30 |
| WALNUT | BUREAU | IL | 0.50 |
| THOMAS | BUREAU | IL | 0.80 |
| TISKILWA | BUREAU | IL | 1.90 |
| MANLIUS | BUREAU | IL | 0.60 |
| WYANET | BUREAU | IL | 1.00 |
| SHEFFIELD | BUREAU | IL | 1.50 |
| NEPONSET | BUREAU | IL | 0.30 |
| OSCEOLA | STARK | IL | 1.40 |
| BRADFORD | STARK | IL | 1.60 |
| GENESEO | HENRY | IL | 0.40 |
| CAMBRIDGE | HENRY | IL | 1.60 |
| PRINCETON | HENRY | IL | 0.70 |
| KASBEER | BUREAU | IL | 0.50 |
| BISHOP HILL | HENRY | IL | 0.30 |
| OSCO | HENRY | IL | 0.15 |
| ANNAWAN | HENRY | IL | 2.00 |
| HOOPPOLE | HENRY | IL | 0.40 |
| EDELSTEIN | PEORIA | IL | 0.10 |
Have a great Thursday.