MarketEdge PM Comments
May 26, 2023
(Caleb Kaufmann)
Grains head into the long weekend on a strong note seeing double digit gains in corn and soybeans in both the nearby and deferred contracts. July corn closed up13 ¼ at $6.04, December corn was up 18 ½ to $5.3450, July soybeans were up 13 ¼ to $13.3725, and November beans close the week up 17 ¼ at $11.8950. For the week, July corn was 49 1/2 cents higher with the new crop December contract up 34 3/4 cents on the week. On the chart, July corn kissed the 50-day moving average in today's trade. July beans traded up an even 30 cents for the week while November beans gained 14 cents.
As of the latest report traders were net sellers of corn and beans, I would imagine that has shifted as these are reported numbers as of Tuesday the 23rd. Extended forecasts continue to run dry through the 6-10 and 8-14 day forecasts in in our area and much of the eastern corn belt as well. Weather markets can be your best friend but turn quickly into your worst enemy when one model turns wetter than anticipated. It is important to have price targets and to have offers out there and working, with the ability to fill in the overnight market as well.
Have a great weekend!
Grains head into the long weekend on a strong note seeing double digit gains in corn and soybeans in both the nearby and deferred contracts. July corn closed up13 ¼ at $6.04, December corn was up 18 ½ to $5.3450, July soybeans were up 13 ¼ to $13.3725, and November beans close the week up 17 ¼ at $11.8950. For the week, July corn was 49 1/2 cents higher with the new crop December contract up 34 3/4 cents on the week. On the chart, July corn kissed the 50-day moving average in today's trade. July beans traded up an even 30 cents for the week while November beans gained 14 cents.
As of the latest report traders were net sellers of corn and beans, I would imagine that has shifted as these are reported numbers as of Tuesday the 23rd. Extended forecasts continue to run dry through the 6-10 and 8-14 day forecasts in in our area and much of the eastern corn belt as well. Weather markets can be your best friend but turn quickly into your worst enemy when one model turns wetter than anticipated. It is important to have price targets and to have offers out there and working, with the ability to fill in the overnight market as well.
Have a great weekend!