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.
Have a great evening.
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.