MarketEdge PM Comments

May 04, 2023

(Sam Bair)

The markets were mixed and gave back some of yesterday’s gains. July corn futures are up 0^4 closing at 589^0. Dec Corn futures are down -2^0 closing at 528^4. July beans are up 0^2 closing at 1417^6 and Nov bean futures down – 3^6 closing at 1268^4.
  •  Turkey, Russia, Ukraine, and the United Nations will meet on Friday, May 5, to discuss a deal that allows the exports of Ukrainian grains on the Black Sea             
  • WASDE is expected to cut corn and soybean exports next week as a result of Brazilian export pace.
  •  Traders are concerned with US regional banks tightening credit.
  •  Rains are expected across the central plains where rain is desperately needed.
  •  Weather in the Corn Belt looks favorable for some to finish planting.
  •  Russia blames US for drone at Kremlin, claiming it was an assassination attempt of Putin.
  •  Soybean export totals were the highest in 3 weeks @290,000 MT but still lower than last year’s same week total.
  •  Dow Jones Industrial finishes down -286.5 closing @33,127.74
  • Crude oil and Natural gas both finish down

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