MarketEdge PM Comments

Jun 05, 2023

(Caleb Kaufmann)

Markets traded higher overnight and into the morning before ultimately reversing course to close down on the day. Rains have been spotty anywhere east of Des Moines, but the 11-15 day run went a bit wetter in the Eastern corn belt this afternoon pressuring grains. July corn closes down 11 ½ to $5.9750, December corn was down 4 ¼ at $5.37, July soybeans were down 2 ½ to $13.50, and November beans go home down 4 at $11.7975.
  • US corn exports last week were 46.5 million bushels, continuing the trend over the last 4 weeks averaging near 49.5 million bushels/week. This pace may pressure the USDA to drop the corn export number in the next WASDE report.
  • US beans inspected for export last week totaled 7.9 million bushels, within market expectations but also the 4th consecutive week below the needed pace of 19.8 million bushels/week.
  • Weekly crop progress report puts the US corn crop at 64% G/E vs 69% last week and 67% expected.
    • Iowa 72%, Illinois 50%
  • The soybean crop came in at 62% G/E vs 65% expected – both ratings should be supportive for the overnight markets.
    • Iowa 70%, Illinois 51%

Read More News

Jun 30, 2023
September corn closed down 35 cents at 4.8850 and December corn closed down 33 ¾ at 4.9475.
Jun 30, 2023
​Good Morning.  It is Report Day.  At 11am, USDA will release the highly anticipated Quarterly Stocks and Acreage Reports.
Jun 28, 2023
Grains continue their free fall today with rain continuing to fall and/or be forecasted for parts of the corn belt most needing a drink.