MarketEdge PM Comments
Jun 13, 2023
(Sam Bair)
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