MarketEdge PM Comments

Jun 28, 2023

(Allison Ryan)
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. September corn was down 23¾ and new crop was down 22½. August beans were down 42 and November was down 35½. Wheat was also down significantly.  
  • Traders continue to liquidate their long position after some much needed moisture is hitting the Midwest
  • The forecast for July continues to look favorable with wetter and warmer conditions, and confidence in that continues to improve
  • Friday’s stock and acreage report is also looming over everyone’s heads, going into a weekend, followed by a Monday trade day, and then the 4th of July holiday
  • Corn acres on Friday are expected to be somewhere around that 91.85 mil acres, vs. 2022 acres of 88.58 mil
  • Bean acres are expected around 87.67 mil acres, up slightly from last year’s 87.45 mil acres
  • The Federal Reserve indicated today that we will likely be seeing more interest hikes later on in 2023
  • Ethanol production for last week was steady, above 1 million barrels per day
  • Be sure to roll or price any July basis contracts before Friday at noon- contact your grain merchandiser to assist you with that
  • The Dow was slightly lower, crude was up, and the Dollar was firmer
Have a great evening.

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
Good Morning.  Corn and soybean futures were sharply lower overnight.