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.
  • 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  

Read More News

May 31, 2023
As May wraps up, grains came back from their double digit down earlier today.
May 31, 2023
​Good Morning.  Corn and soybean futures were sharply lower overnight.
May 30, 2023
Good afternoon, the markets were lower on slightly better rain coverage coming later in June