MarketEdge PM Comments
Jun 12, 2023
(Caleb Kaufmann)
Old crop corn and beans traded on opposite sides of the table today with July and September corn up 13 and 19, while July and August beans closed down 13 ¾ and 3 ½. New crop futures trend in the same direction however, December corn closed up 18 ¾ to $5.4925 and November beans were up 4 ¾ at $12.09.
Much of the rains forecast last week for the Eastern corn belt didn’t materialize as heavy as thought over the weekend, though the midday GFS run today sees Eastern Iowa through Ohio wetter now through Sunday the 18Th. The Euro model out this afternoon also ran a bit wetter than the morning run and has been tracking precip better than the GFS so far.
Old crop corn and beans traded on opposite sides of the table today with July and September corn up 13 and 19, while July and August beans closed down 13 ¾ and 3 ½. New crop futures trend in the same direction however, December corn closed up 18 ¾ to $5.4925 and November beans were up 4 ¾ at $12.09.
Much of the rains forecast last week for the Eastern corn belt didn’t materialize as heavy as thought over the weekend, though the midday GFS run today sees Eastern Iowa through Ohio wetter now through Sunday the 18Th. The Euro model out this afternoon also ran a bit wetter than the morning run and has been tracking precip better than the GFS so far.
- G/E ratings in this afternoon’s crop progress drop more than expected.
- Corn crop at 61% G/E vs. 62 expected and 64 last week
- Iowa 70% (72% LW), Illinois 48% (50% LW)
- Bean crop at 59% G/E vs. 60 expected and 62 last week
- Iowa 66% (70% LW), Illinois 47% (51% LW)
- Corn crop at 61% G/E vs. 62 expected and 64 last week
- US corn exports were 46 million bushels last week, at the upper end of expectations and continue to run above the needed pace of 26.7 million bushels/week.
- US soybeans exports last week totaled just 5.2 million bushels, again below the needed pace of 10.5 million bushels/week.