MarketEdge PM Comments
Jul 27, 2023
Markets finish mostly lower after the day session, after trading on both sides throughout the day. Sep corn futures finish down -7 closing at 533^2, while new crop finishes down -6^0 closing at 542^2. August beans futures finish -14^2 cents lower on the day closing at 1532^0, and new crop beans end up -22^0 cents lower, closing at 1398^0.
- After Aug beans hit contract highs today, the contract finishes lower by the way of profit taking.
- The market is telling us to dump old crop beans, as the inverse from old crop to new crop bean contracts is now at a staggering 1.34.
- US drought monitor shows that 59% of the US corn crop and 53% of the US bean crop are still under drought conditions.
- Month of August looks more favorable for crops with lower temperatures and timely rain chances, putting major pressure on the markets today.
- Export sales from last week were all within expectations, not helping push the market forward.
- There was another flash sale of export beans this morning making of total of 750,000 Metric Tonnes the last 2 days.
- Russia continues with attacks on port infrastructure and cargo materials, this time in Odesa.
- October Hogs and Cattle are both lower.
- S&P, Dow Jones, and Nasdaq all finish in the red.
Have a great Evening,
Read More News
Jul 31, 2023
Good Morning. Corn and soybean futures were sharply lower overnight.
Jul 28, 2023
The market closed in the red to end the week.
Jul 28, 2023
Good Morning. Corn and soybean futures were lower overnight.