MarketEdge PM Comments
May 12, 2023
(Taylor Bensenberg)
Good afternoon, July corn closed up 4 cents at 5.8625 and December corn closed down 5 cents at 5.0875. July soybeans closed down 15 ½ at 13.90 and November soybeans closed down 24 ¼ at 12.2375.
WASDE Report Recap
Other News:
Have a great weekend!
Good afternoon, July corn closed up 4 cents at 5.8625 and December corn closed down 5 cents at 5.0875. July soybeans closed down 15 ½ at 13.90 and November soybeans closed down 24 ¼ at 12.2375.
WASDE Report Recap
- Cuts to 2022/2023 corn exports by 75 million
- Stocks up 75 million to 1.417 billion bushels
- 2023/2024 carryout is at 2.222 billion bushels on corn and beans 335 million bushels
- Note that Argentine bean production was left unchanged
Other News:
- Traders will be focused on weather for the next few months
- China continues to cancel U.S. corn orders and is purchasing from Brazil instead
- Still no resolution to the Black Sea deal
Have a great weekend!