MarketEdge PM Comments

Jul 17, 2023

(Caleb Kaufmann)
Mixed bag to start the week with corn and wheat ending the day in the red while soybeans close higher on the day. September corn closed down 7 ¼ to $4.9925, December corn was down 7 ¾ at $5.06, August beans close up 3 ¾ to $14.84, and November beans were up 7 ¼ to $13.78.
 A couple of bigger headline items around today starting with the Black Sea grain corridor, Russia announced it will suspend its participation in the deal. Next, we have weather, forecasts through the end of the month turn hot and dry for much of the western corn belt and into Iowa and Illinois as well. NOPA crush out today revealed traders overestimated June’s crush number with the official number coming in at 165.023 million bushels (5 million less than expected).
Weekly crop progress sees improved ratings for both corn and soybeans, corn in line with expectations and beans exceed them.
  • Corn rated 57% G/E vs 55% last week
    • Iowa 64%, Illinois 41%
  • Beans rated 55% G/E vs 51% last week
    • Iowa 58%, Illinois 40%
Weekly exports continue the trend of being below the needed pace. Corn exports are down 32.7% from last year and beans are down 5.3% vs last year.


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.