MarketEdge PM Comments
Jul 14, 2023
(Sam Bair)
Good evening, markets bounce back today after yesterdays fall. September corn futures finish up 17^2 closing at 493^4, while new crop corn is up 16^6 closing at 500^4. August bean futures are up 40^4 closing at 1484^6, and new crop beans are up 42^0 closing at 1369^6. Wheat follows, also finishing higher.
Have a great evening,
Good evening, markets bounce back today after yesterdays fall. September corn futures finish up 17^2 closing at 493^4, while new crop corn is up 16^6 closing at 500^4. August bean futures are up 40^4 closing at 1484^6, and new crop beans are up 42^0 closing at 1369^6. Wheat follows, also finishing higher.
- The US Drought Monitor released their weekly maps today. As of Tuesday 64%, of the US corn crop and 57% of the US bean crop was under drought conditions. Although both are down from last week, those numbers are not falling as fast as some have anticipated.
- India, the worlds largest export of rice is considering a ban on rice exports due to drought and local demand.
- The Black Sea Deal is up on Monday with no extension currently ongoing. Could be a bullish pressure to our markets if no new deal is done.
- Last week, export sales totaled 18.4 Mil bu of old crop and 18.5 Mil bu of new crop corn, as well as 3.0 mil bu of old crop and 7.7mil bu of new crop beans.
- The US Dollar traded below 100 today for the first time since April 2022.
- The midday forecast run was dryer for the 6-10 day forecast, possibly helping the markets climb higher today.
- All Ag markets are higher on the day, except for cattle.
- Dow Jones, S&P, Nasdaq, and Gold all finish higher on the day.
Have a great evening,