MarketEdge PM Comments

May 11, 2023

(Cody Forde)

 Another day, another leg lower. Last trade on December corn was 5.13^0 down 7^6. Last trade on November soybeans was 1248^2 down 2^4. What should we expect heading into this report? Possibly more of the same if we see a new crop corn carry out above 2.2 billion bushels. Does that mean that we won’t rally again? No, the question is what level we will rally from. Personally, I believe we will get a chance to sell the crop, but what price target should we be looking for? I am hoping, key word being ‘hoping’, we can have another shot to sell 5.50 and 13.00 new crop, respectively. My advice for the under sold producer is to have the targets ready to go and a keen eye on the shifting outside markets as well.  We have crude oil moving lower along with metals showing us a risk off environment.
  • Old crop corn carry over could be seen as 1.44 billion bushel.
  • New crop corn carry over could be seen as 2.2 billion bushel.
  • Old crop soybean carry over could be seen as 230 million bushel.
  • New crop soybean carry over could be seen as 300 million bushel.

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