MarketEdge PM Comments

May 24, 2023

(Allison Ryan)

Grains were mixed today, with nearby corn up 9¾  and December corn up 3¼. July beans were up 2 and new crop was down 2¾. Wheat was down double digits across the board.
  • Weather and exports seem to be driving this market a bit- short term dryness and heat seem to be the concern we’re all watching closely
  • The 8-14 day forecast looks to be dry and warmer than normal
  • Another round of technical buying pushed corn higher for the third day in a row
  • December ’23 resistance is at 5.35 and then 5.50- if we get to those levels, have a plan in place to execute some sales for new crop; visit with your originator about having a game plan the next few weeks
  • Agroconsult, Brazilian’s consultancy, adjusted its estimates for their safrinha crop to 4.031 bil bushels
  • Traders are waiting for tomorrow’s export report- we could see net reductions on corn again
  • In economic news, the debt ceiling negotiations are ongoing, and everyone is watching to see if we default and enter a recession
  • The Dow was down, crude was up, and the Dollar was firmer
Have a great evening.

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