MarketEdge PM Comments

May 19, 2023

(Taylor Bensenberg)

Good afternoon,
Another day in the red…July corn closed down ¾ of a cent at 5.5450 and December corn closed down 1 at 4.9975. July soybeans closed down 26 at 13.0725 and November soybeans closed down 11 ½ at 11.7550.
  • Weather and planting progress remain the main focus of the market with little news headlines
  • As China continues to cancel purchases, the market remains under pressure
  • Next week all eyes will be on the Dakotas planting progress as we are flirting with the insurance deadline
    • North Dakota plants around 4% of the nations corn (3.75 million acres)
    • Since prices have dropped so hard this week, prevent plant is looking more and more appealing
    • Prevent plant acres would hinder ending stocks
  • The Dow fell 115 points, energy markets were mixed, and the dollar weakened
Have a great weekend!

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