MarketEdge PM Comments

May 10, 2023

(Caleb Kaufmann)

Corn was able to rebound a bit today with the nearby July contract trading up as much as 11 cents before settling up 9 ¼ for the day. Much will be talked about the USDA report out Friday but are we seeing those numbers already priced into the market? Sure, planting pace and weather have played their roles and will continue to, but new crop values seem to have the supply side figured out, for now at least.
July corn closed up 9 ¼ at $5.94, December corn was up 2 ½ to $5.2075, July soybeans were down 10 ¼ to $14.04, and November beans close down 3 ¾ to $12.5075.
  • USDA is expected to trim Argentina’s corn production by another 2.1 MMT to 34.9 and to cut bean production by 3 MMT to 24.2
  • Weekly ethanol output is down 11,000 BPD and stocks are off 72,000 BBLS, due to many plants operating on seasonal downtime.
  • Through today December corn is down 11% (65cents) and November beans are down 8% ($1.08) from the February average. Both are the largest outright losses since 2011
Have a great evening!

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