MarketEdge PM Comments
May 17, 2023
(Allison Ryan)
Grains closed lower across the board today- day two of a significant decline. July corn was down 19¾ and new crop was down 6¼. Old crop beans were down 27, and November was down 19½.
Grains closed lower across the board today- day two of a significant decline. July corn was down 19¾ and new crop was down 6¼. Old crop beans were down 27, and November was down 19½.
- The biggest news of the day was an extension of the Black Sea agreement- originally set to expire tomorrow- which allows Ukraine to continue shipping grains for the next 60 days; with that, wheat led the way down
- Favorable planting weather continues to hit the Corn Belt, sparking little fear of getting kernels in the ground in a timely fashion
- Technical selling came into play with the above news hitting the market, as well as lack of exports
- Unfortunately, with great planting weather, little demand, and no support levels out there, there’s not a lot of positivity in this market- new crop corn closed below $5 and new crop beans below $12, the first time since December 2021
- Tomorrow’s export report is forecasted to show a net cancellation of bushels for corn
- The extended forecast calls for warmer and wetter weather
- Be prepared to take action if and when this market turns around and gives us opportunities- visit with your River Valley originator to put offers and plans in place
- The Dow and crude were higher, and the Dollar was firmer