MarketEdge PM Comments

Jul 07, 2023

Afternoon Comments 
(Taylor Bensenberg)
Good afternoon, 
September corn closed down 11 ¾ at 4.8725 and December corn closed down 12 at 4.9450. August soybeans closed down 20 ½ at 14.2775 and November beans closed down 21 ¾ at 13.1775. 
  • Pressure on the grain markets today is due to a favorable forecast in the coming weeks 
  • Crop ratings are expected to be better on Monday 
  • Brazil is now the world's largest corn exporter this year after they saw another bumper crop 
  • Export sales were released earlier today 
    • Old crop corn 251,700 MT
    • New crop corn 418,000 MT
    • Old crop beans 187,800 MT
    • New crop beans 592,800 MT
  • The USDA announced corn sales to Mexico for both old and new crop this morning 
Have a great weekend!

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