MarketEdge PM Comments
Jul 12, 2023
(Allison Ryan)
Markets closed down double digits after the monthly USDA WASDE report. September corn was down 18¼ and new crop was down 17¾. August beans were down 27¼ and November was down 32½. Wheat as also down 20-29 cents.
Markets closed down double digits after the monthly USDA WASDE report. September corn was down 18¼ and new crop was down 17¾. August beans were down 27¼ and November was down 32½. Wheat as also down 20-29 cents.
- The USDA updated the acres from our June 30 report, and changed corn yield from 181.5 to 177.5- although atypical to change the yield on the July report, the market was already trading below a 181.5 yield
- Despite the decrease in ’22 carryout (aka beginning stocks for ’23 crop), with the change in both acres and yield, the projected carryout for ’23 corn crop is 2.262 bil bu
- Bean yield was not adjusted from its original trend line 52 bpa, but the acres were update to the 83.5 mil planted
- ’22 carryout was pegged at 255 mil bu, which gave new crop a higher beginning number; couple that with decrease in exports, and the 300 mil bu carryout was higher than the 200 mil expected
- The Dow was higher, crude was up and the Dollar was softer