MarketEdge PM Comments

(Allison Ryan)
 
Corn was mixed and beans were up slightly, after both commodities traded on either side. September corn was down 2¾ and new crop was steady. August beans were up a penny, and November was up 1¼. Wheat was up significantly.
 

• Wheat led the grains today with fear of lack of yield and quality issues
• The Black Sea agreement is up again in two weeks, with Russia indicating it may not renew, fueling the wheat even more
• Corn and beans are following the forecast, with rain predicted for parts of the Midwest, including the 8-14 day forecast expecting the eastern corn belt to get rain
• The market will continue to trade weather the next few weeks, and our weekly crop condition ratings on Mondays
• July board will be coming off here in the next few weeks- the question remains, will the July fall to where the September board is, or will Sept rally to the July? A lot of that will be dictated after the July 12 report, where the USDA will more than likely adjust yield
• The bean carryout continues to be tight for ‘23/24 crop year, and will be interesting to see if yields are adjusted on July 12 as well
• The Dow was lower, crude was higher, and the Dollar was firmer

Have a great evening.