MarketEdge PM Comments

May 31, 2023

(Allison Ryan)
As May wraps up, grains came back from their double digit down earlier today. July corn was even, while new crop was down 3½. Old crop beans were up 3¼ and November beans were down 6¾.
  • Debt ceiling talk continues to put pressure on the grain markets
  • Weather predictions are also affecting grains- some models contain more rain and cooler temps than others as you get into last half June
  • Planting progress that came out yesterday determined we are 92% planted with corn- ahead of last year’s pace and the five year average; beans were 83% planted, also ahead of last year and the 5 year average
  • Current ratings are at 69% good to excellent for corn, which will continue to be determined by our weather- will another week of hot and dry push that rating down?
  • US wheat is currently high priced compared to other countries, and seeing logistical changes due to Ukraine bushels not flowing as fluently through the Black Sea region
  • Private trade guesses are forecasting that the Brazilian safrihna crop is getting bigger
  • The Dow and crude are lower, and the Dollar is stronger
  • Have a plan in place as we go through this time of uncertainty, of when you plan to sell the last of old crop and make some new crop sales; visit with your originator to execute
Have a great evening.


Read More News

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
May 30, 2023
Good Morning.  Corn and soybean futures were lower overnight.