MarketEdge AM Comments
May 08, 2023
(Phil Knuth)
Good Morning. Nearby corn and soybean futures were higher overnight. July corn finished the overnight session up a penny and a half, settling at 5.98. July soybeans were up 6 ½ cents, settling at 14.43. In the outside markets, as of 7:40am: The US Dollar Index is off 77 points, trading at 101.137. June crude oil is up $1.91, trading at $73.25 per barrel. Precious metals are higher, except silver. Industrial metals are all higher. The Electronic Mini-DJIA is up 96 points, trading at 33,835. Outside market influence is supportive to grains and oilseeds this morning with a lower US Dollar and sharply higher crude oil futures. Meanwhile, US Midwest weather and rapid planting progress are keeping a lid on any kind of meaningful upside potential. Over the last couple of weeks, dry weather has allowed farmers plenty of opportunity to get the 2023 crop planted. Then, over the weekend, on cue, showers fell throughout much of the Corn Belt giving the newly planted crop just the drink it needed. This afternoon’s Crop Progress Report is expected to confirm the breakneck pace of planting over the last week. Nationally, the corn crop is expected to be reported to be 50-55% planted and the soybean crop is expected to be reported to be 35-40% planted. This Friday, USDA will update their official supply and demand tables with the release of the May WASDE Report. On Friday, the funds bought 5000 contracts of corn, bought 5000 contracts of soybeans, and bought 4000 contracts of wheat. They are now estimated to be net short 101,785 contracts of corn, net long 60,990 contracts of soybeans, and net short 114,860 contracts of wheat. From a chart perspective, July corn faces initial resistance at the psychological 6.00 mark, which was also the overnight high, followed by 6.12, the high charted on April 26th, and then 6.4750, the 2 ½ month high charted on April 18th. Initial support lies at the overnight low, 5.95, followed by the 15-month low charted on Wednesday, 5.6925. July soybeans face initial resistance at the overnight high, 14.4675, followed by 14.50, and then the psychological 15.00 level. Initial support lies at 14.3225, the overnight low, followed by 14.00, and then the 1 ½ month low charted on Wednesday, 13.9225. Opening calls are steady/mixed. Following are 24-hour rainfall totals reported by River Valley Coop employees for their respective Coop locations and/or homes:
Have a great Monday.
Good Morning. Nearby corn and soybean futures were higher overnight. July corn finished the overnight session up a penny and a half, settling at 5.98. July soybeans were up 6 ½ cents, settling at 14.43. In the outside markets, as of 7:40am: The US Dollar Index is off 77 points, trading at 101.137. June crude oil is up $1.91, trading at $73.25 per barrel. Precious metals are higher, except silver. Industrial metals are all higher. The Electronic Mini-DJIA is up 96 points, trading at 33,835. Outside market influence is supportive to grains and oilseeds this morning with a lower US Dollar and sharply higher crude oil futures. Meanwhile, US Midwest weather and rapid planting progress are keeping a lid on any kind of meaningful upside potential. Over the last couple of weeks, dry weather has allowed farmers plenty of opportunity to get the 2023 crop planted. Then, over the weekend, on cue, showers fell throughout much of the Corn Belt giving the newly planted crop just the drink it needed. This afternoon’s Crop Progress Report is expected to confirm the breakneck pace of planting over the last week. Nationally, the corn crop is expected to be reported to be 50-55% planted and the soybean crop is expected to be reported to be 35-40% planted. This Friday, USDA will update their official supply and demand tables with the release of the May WASDE Report. On Friday, the funds bought 5000 contracts of corn, bought 5000 contracts of soybeans, and bought 4000 contracts of wheat. They are now estimated to be net short 101,785 contracts of corn, net long 60,990 contracts of soybeans, and net short 114,860 contracts of wheat. From a chart perspective, July corn faces initial resistance at the psychological 6.00 mark, which was also the overnight high, followed by 6.12, the high charted on April 26th, and then 6.4750, the 2 ½ month high charted on April 18th. Initial support lies at the overnight low, 5.95, followed by the 15-month low charted on Wednesday, 5.6925. July soybeans face initial resistance at the overnight high, 14.4675, followed by 14.50, and then the psychological 15.00 level. Initial support lies at 14.3225, the overnight low, followed by 14.00, and then the 1 ½ month low charted on Wednesday, 13.9225. Opening calls are steady/mixed. Following are 24-hour rainfall totals reported by River Valley Coop employees for their respective Coop locations and/or homes:
| CITY | COUNTY | STATE | RAIN TOTAL |
| RYAN | DELAWARE | IA | 1.00 |
| DELHI | DELAWARE | IA | 1.50 |
| MARTELLE | JONES | IA | 1.70 |
| LOWDEN | CEDAR | IA | 1.30 |
| TIPTON | CEDAR | IA | 2.00 |
| SUNBURY | CEDAR | IA | 1.70 |
| DEWITT | CLINTON | IA | 1.50 |
| DEER GROVE | WHITESIDE | IL | 1.50 |
| KASBEER | BUREAU | IL | 3.25 |
| TISKILWA | BUREAU | IL | 1.30 |
| NEPONSET | BUREAU | IL | 2.00 |
| WALNUT | BUREAU | IL | 2.50 |
| THOMAS | BUREAU | IL | 2.00 |
| MANLIUS | BUREAU | IL | 1.75 |
| PRINCETON | BUREAU | IL | 1.80 |
| WYANET | BUREAU | IL | 1.37 |
| SHEFFIELD | BUREAU | IL | 2.25 |
| OSCEOLA | STARK | IL | 1.50 |
| ANNAWAN | HENRY | IL | 2.00 |
| GENESEO | HENRY | IL | 1.90 |
| CAMBRIDGE | HENRY | IL | 1.30 |
| OSCO | HENRY | IL | 1.30 |
| HOPPOLE | HENRY | IL | 3.00 |
| ATKINSON | HENRY | IL | 1.70 |
| GALVA | HENRY | IL | 1.00 |
| EDELSTEIN | PEORIA | IL | 1.30 |
Have a great Monday.