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.
Have a great evening.
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.