MarketEdge PM Comments

Jul 05, 2023

(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.

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