MarketEdge PM Comments
Jul 21, 2023
(Taylor Bensenberg)
Good afternoon,
Good afternoon,
- Profit taking hit the corn and bean markets today with corn closing 7-10 cents lower, but soybeans were mixed closing 2-6 higher in the nearby months and 1-3 lower in the deferred months.
- Overnight Russia continued to attack grain terminals and infrastructure in Ukraine.
- Russia now claims they will not be attacking civilian ships in the Black Sea, but they have been practicing firing rounds and capturing ships in recent exercises.
- IGC has raised 2023 global corn forecast by almost 1% to 48 billion bushels and its outlooks for U.S. corn production increased by almost 3% to 15.1 billion bushels. The US yield debate is the ultimate talking point and will continue to be until its better understood and that isn't likely until the combines roll this fall.
- The 2023 farm bill will come down to the wire as many believe it will not be completed before September 30th when current legislation expires but they have hopes it will be done before we close out the year.
- Hot and dry weather is in the forecast for the foreseeable future, although the GFS output models are bringing in better moisture in the NW corn belt and more seasonal temperatures starting next weekend. Corn and beans revisited the day's lows on the news.