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
  • 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!

Read More News

May 26, 2023
Grains head into the long weekend on a strong note seeing double digit gains in corn and soybeans in both the nearby and deferred contracts.
May 26, 2023
Good Morning.  Corn and soybean futures were higher overnight. 
May 25, 2023
Good evening, the markets were both up and down today and finished mostly down aside from old crop corn.