MarketEdge PM Comments

Jun 07, 2023

(Allison Ryan)

Corn was down today, with beans being mixed. July corn was down 3¾ and new crop was down 10¼. Old beans were up 7½ and November beans were down 6¼. Wheat was down double digits across the board.
  • Parts of the eastern corn belt received spotty showers over the last 24 hours.
  • Weather continues to be the determining factor as to which way this market is going to go; corn was lower on our 6-10 day forecasted rain showers.
  • The 8-14 day forecast also looks wetter and warmer.
  • Ear length is being determined now, and if much of the corn belt doesn’t get a shift in weather pattern soon, we could take yield down off the USDA trendline yield.
  • Clearly the next 10-15 days are going to make or break this crop, AND this market; consider rewarding the market on up days and locking in some new crop, or having offers in place for targets.
  • Friday is the monthly WASDE report- currently the projection is slightly bearish, with carryout expected to increase due to lack of demand.
  • Typically going into a report, traders buy beans and sell corn, which we’re seeing.
  • China’s bean imports last month were at an all-time record high, at 441.7 mil bushels.
  • Crude and the Dow were up, and the Dollar was slightly softer.
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
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.