MarketEdge PM Comments
Jul 06, 2023
(Sam Bair)
Good Evening, grains trade on both sides of the market today. September Corn futures are up 13^6 closing at 499^0, and new crop corn is up 13^0 closing at 506^4. August Bean futures were down -20^4 closing at 1448^2, and new crop beans are down -15’4 closing at 1339^4. Wheat and Soyoil are also lower after the close.
Good Evening, grains trade on both sides of the market today. September Corn futures are up 13^6 closing at 499^0, and new crop corn is up 13^0 closing at 506^4. August Bean futures were down -20^4 closing at 1448^2, and new crop beans are down -15’4 closing at 1339^4. Wheat and Soyoil are also lower after the close.
- Corn and soybean spread causing unwinding/profit taking, are the driving pressures in todays’ markets.
- The US Drought Monitor released their weekly maps today. As of Tuesday 67%, of the US corn crop and 60% of the US bean crop was under drought conditions, both down 3% from last week.
- Last week, US ethanol production hit 1.060 million barrels produced per day; a 29 week high!
- Ethanol stock dropped to 335million barrels, 30 million barrels less than the week prior.
- Next Interest rate rise from the US Central Bank could come as early as September 20th, if they keep rising rates beyond early fall, expect a more bearish outlook on commodity markets.
- Livestock is spilt, as Cattle and feeders both finish in the red, and hogs finished in the red.
- Outside markets did not help today- Gold, Dow Jones, Nasdaq, and S & P all finish lower on the day.