MarketEdge PM Comments
Jul 27, 2023
(Sam Bair)
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,