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 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