MarketEdge PM Comments

May 05, 2023

(Allison Ryan)

Grains closed higher today, with July corn closing up 7½ and new crop up 6¼. Old crop beans closed up 18¾ and November beans were up 11½. Wheat was also higher.
  • Technical buying pushed commodities higher today
  • Wheat led as tensions between Russia and Ukraine escalated and the possibility of the Black Sea grain deal may expire later on in May
  • Rainfall is called across much of the corn belt this weekend through beginning of next week, with the extended forecast predicted to be wetter and warmer than normal
  • China earlier this week purchased corn from South America, making a statement of diversifying their origination of grain
  • Between net cancellations of exports, corn getting in the ground in a timely fashion, and Brazil’s safrinha crop coming down the line, there’s not a lot of positive news in the corn market
  • Brazil expects to have 443.9 m bu of beans exported in May, which would be better than last year’s May exports
  • The Dow was up, as well as crude, and the Dollar was softer
Be prepared to make sales and offers through the spring planting and growing season – talk to your originator about utilizing options to lock in a floor and leave some upside open.
Have a great weekend.

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