MarketEdge PM Comments

May 15, 2023

(Caleb Kaufmann)

Green across the board today led by the wheat market coming back 25 cents seeing a fair amount of short covering. Corn and bean markets closed off their highs for the day but finished higher, nonetheless. July corn closed up 6 ¼ to $5.9250, December corn was also up 6 ¼ at $5.15, July soybeans were up 10 ¾ at $14.0075, and November beans close up 7 ½ at $12.3125.
We got a bit of surprise this afternoon from the crop progress report with planting progress on both corn and beans coming in below estimates. The Dakota’s will continue to be a concern with the crop insurance date of May 25th.
  • US corn planting seen at 65% complete vs estimated 68%
    • Iowa 865, Illinois 84%
  • US bean planting seen at 49% planted vs estimated 51%
    • Iowa 19%, Illinois 38%
  • NOPA Crush report out today showed 173.232 million bushels of beans were crushed in April, down from the estimated 174.2 though still a record for the month.
  • US corn inspected for export last week totaled 46.2 million bushels, at the top end of estimates and above the needed pace to reach the newly amended USDA export target.
  • US soybeans exported last week were 5.4 million bushels, a new marketing year low and behind the needed pace of 10.7 million bushels/week.
Have a great evening!

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