MarketEdge PM Comments
Jun 03, 2023
(Taylor Bensenberg)
Good afternoon,
We ended the week in the green for a change. July corn closed up 16 ½ at 6.09 and December corn closed up 11 ¼ at 5.4125. July soybeans closed up 23 at 13.5250 and November beans up 14 ¾ at 11.8375.
Have a great weekend!
Good afternoon,
We ended the week in the green for a change. July corn closed up 16 ½ at 6.09 and December corn closed up 11 ¼ at 5.4125. July soybeans closed up 23 at 13.5250 and November beans up 14 ¾ at 11.8375.
- Brazil’s large crop is weighing on the corn and soybean market
- Soybean prices are also being influenced by Chinese demand concerns
- Export sales were released earlier today:
- Old crop corn came in at 186,700 MT
- New crop corn came in at 312,600 MT
- Old crop soybeans came in at 123,400 MT
- New crop soybeans came in at 301,000 MT
- Ukraine made a statement that Russia is now blocking the registration of ships headed for Ukrainian ports which is disrupting the Black Sea grain export deal
- It appears as if Brazil will now be the top exporter of corn, taking the title from the U.S.
- The Senate has approved legislation to extend the debt ceiling, the bill now has to be signed by the President.
Have a great weekend!