MarketEdge PM Comments

Jul 10, 2023

(Caleb Kaufmann)
Turnaround from Friday’s price action to start the week with soybeans leading the way higher. Starting to hear some chatter of shorter corn as we head into tassel and reduced number of rows on the ear. How much of an impact will that have on final yield? The USDA will update us with Supply and Demand on Wednesday.
September corn closed up 5 to $4.9225, December corn was also up 5 to $4.9950, August beans close up 27 ¾ to $14.5550, and November beans end the day up 27 ¾ at $13.4550.
US crop ratings improve this week after welcomed rains fell over much needed areas, corn out does trade guesses while beans at the lower end of expectations.
  • Corn at 55% G/E vs 51% last week and 64% last year
  • Beans at 51% G/E vs 50% last week and 62% last year
Exports again run below the needed pace to reach the USDA’s projections; it is expected we see the USDA walk down their numbers for both crops in Wednesday’s report. For soybeans, this marks the 9th consecutive week below the needed pace.
AgRural reports Brazil’s 2nd crop corn harvest at 27% complete vs 17% last week and 41% a year ago. Total production is estimated to be 102.9 MMT.

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.