MarketEdge PM Comments
Jun 13, 2023
Good evening, Markets are mixed after todays session. July futures are down -4^6 closing at 612^4, new crop corn is up 2^0 closing at 551^2. July soybean futures are up 32^0 closing at 1404^4, and new crop beans are up 31^2 closing at 1240^2.
- Lack of rain forecasted, and questions of how much moisture possible in the 10day help add premium to today’s new crop futures.
- The news of lesser G/E ratings on corn and beans yesterday in the crop progress report also helped New crop contracts
- This morning it was estimated that the funds were short approximately 35k contracts of corn and 115k contracts of CBOT wheat, and an estimated 26k contracts long on soybeans
- US EPA expected to release biofuel blending mandate by the 21st of this month
- CPI came in better than expected at 4%, showing a slowing inflation rate.
- Livestock close mixed, as cattle are all in the green and hogs finish on both side of the trade.
- Dow Jones, Nasdaq, and S&P 500 all closer firmer.
- Bunge and Viterra to proceed with merger, as Bunge buys for $8.2 billion..
- Putin, Russia considering withdraw from Black Sea Grain Deal
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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.