MarketEdge AM Comments
Jul 10, 2023
(Phil Knuth)
Good Morning. Corn and soybean futures were higher overnight. September corn finished the overnight session up 6 ½ cents, settling at 4.9375. August soybeans were up 27 ¾ cents, settling at 14.5550. In the outside markets, as of 8:00am: The US Dollar Index is up 273 points, trading at 102.545. August crude oil is off 72 cents, trading at $73.14 per barrel. Precious metals are all lower. Industrial metals are lower, except aluminum. The Electronic Mini-DJIA is up 9 points, trading at 33,946. Soybean futures were clearly the upside leader overnight, reacting to a rally in soybean meal and oil that was inspired by Malaysian palm oil inventory figures that were lower than expected. Not only that, but after beating the ever living heck out of the soybean market late last week, traders appear to be magically remembering the new soybean acreage figure released on June 30th that will really alter the landscape of the 2023/24 balance sheet when USDA publishes the monthly WASDE Report on Wednesday. Aside from the aforementioned, new fresh news regarding grains and oilseeds is scant this morning. Weather, of course, remains in the limelight for traders, especially when the heart of the Corn Belt is just now entering the critical corn pollination timeframe. On Friday, the funds sold 5000 contracts of corn, sold 4000 contracts of soybeans, and sold 3000 contracts of wheat. They are now estimated to be net short 6360 contracts of corn, net long 82,190 contracts of soybeans, and net short 50,400 contracts of wheat. From a chart perspective, September corn faces initial resistance at the overnight high, 4.9675, followed by the psychological 5.00 mark, and then Friday’s high, 5.0225. Initial support lies at 4.8750, the overnight low, followed by the 21-month low charted on Wednesday, 4.79. August soybeans face initial resistance at 14.5950, the overnight high, followed by the psychological 15.00 level, and then the four-month high charted one week ago, 15.0475. Initial support lies at Friday’s low, 14.25, followed by the psychological 14.00 mark, and then the 13.50 area. Opening calls are higher. Following are weekend rainfall totals reported by River Valley Coop employees for their respective Coop locations and/or homes:
Have a great Monday.
Good Morning. Corn and soybean futures were higher overnight. September corn finished the overnight session up 6 ½ cents, settling at 4.9375. August soybeans were up 27 ¾ cents, settling at 14.5550. In the outside markets, as of 8:00am: The US Dollar Index is up 273 points, trading at 102.545. August crude oil is off 72 cents, trading at $73.14 per barrel. Precious metals are all lower. Industrial metals are lower, except aluminum. The Electronic Mini-DJIA is up 9 points, trading at 33,946. Soybean futures were clearly the upside leader overnight, reacting to a rally in soybean meal and oil that was inspired by Malaysian palm oil inventory figures that were lower than expected. Not only that, but after beating the ever living heck out of the soybean market late last week, traders appear to be magically remembering the new soybean acreage figure released on June 30th that will really alter the landscape of the 2023/24 balance sheet when USDA publishes the monthly WASDE Report on Wednesday. Aside from the aforementioned, new fresh news regarding grains and oilseeds is scant this morning. Weather, of course, remains in the limelight for traders, especially when the heart of the Corn Belt is just now entering the critical corn pollination timeframe. On Friday, the funds sold 5000 contracts of corn, sold 4000 contracts of soybeans, and sold 3000 contracts of wheat. They are now estimated to be net short 6360 contracts of corn, net long 82,190 contracts of soybeans, and net short 50,400 contracts of wheat. From a chart perspective, September corn faces initial resistance at the overnight high, 4.9675, followed by the psychological 5.00 mark, and then Friday’s high, 5.0225. Initial support lies at 4.8750, the overnight low, followed by the 21-month low charted on Wednesday, 4.79. August soybeans face initial resistance at 14.5950, the overnight high, followed by the psychological 15.00 level, and then the four-month high charted one week ago, 15.0475. Initial support lies at Friday’s low, 14.25, followed by the psychological 14.00 mark, and then the 13.50 area. Opening calls are higher. Following are weekend 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 | 0.40 |
| WALNUT | BUREAU | IL | 0.30 |
| THOMAS | BUREAU | IL | 0.30 |
| TISKILWA | BUREAU | IL | 0.50 |
| MANLIUS | BUREAU | IL | 0.40 |
| WYANET | BUREAU | IL | 0.70 |
| SHEFFIELD | BUREAU | IL | 0.40 |
| OSCEOLA | STARK | IL | 0.60 |
| BRADFORD | STARK | IL | 0.50 |
| GENESEO | HENRY | IL | 0.30 |
| CAMBRIDGE | HENRY | IL | 0.50 |
| PRINCETON | HENRY | IL | 0.70 |
| KASBEER | BUREAU | IL | 0.50 |
| CAMP GROVE | MARSHALL | IL | 1.00 |
| ANNAWAN | HENRY | IL | 0.10 |
| HOOPPOLE | HENRY | IL | 0.40 |
| EDELSTEIN | PEORIA | IL | 1.40 |
Have a great Monday.