MarketEdge PM Comments
Jul 14, 2023
(Taylor Bensenberg)
Good afternoon,
September corn closed up 13 cents at 5.0650 and December corn closed up 13 ¼ at 5.1375. August beans closed down 4 ½ at 14.8025 and November beans closed up 1 at 13.7075.
Good afternoon,
September corn closed up 13 cents at 5.0650 and December corn closed up 13 ¼ at 5.1375. August beans closed down 4 ½ at 14.8025 and November beans closed up 1 at 13.7075.
- Strength in the market is being led by weather and a weaker U.S. dollar
- 63% of corn acres are still considered in a drought
- Yield for both corn and beans remain a concern
- The Black Sea grain deal is set to expire Monday and renewal looks unlikely
- If they don't extend the deal Turkey claims they will send their ships to escort others out to sea
- Will Putin retaliate and attack ports? If so, this might provide support to the grain markets
- Soybean crush numbers for June will be released Monday and are expected to be lower than May