MarketEdge PM Comments
May 16, 2023
(Sam Bair)
Good Evening,
Markets take a step back after yesterday’s rally. July Corn futures are down 11^2 closing at 581^2. December Corn futures are down 09^6 closing at 505^2. July Bean futures are down 36^6 closing at 1364^0. Fall Beans down 24^2 closing at 1207^2.
Good Evening,
Markets take a step back after yesterday’s rally. July Corn futures are down 11^2 closing at 581^2. December Corn futures are down 09^6 closing at 505^2. July Bean futures are down 36^6 closing at 1364^0. Fall Beans down 24^2 closing at 1207^2.
- Soybeans down sharply after Monday's gains as they were being drug down by falling crude oil and by-products from technical selling.
- Favorable weather conditions continue as planting progress is well ahead of last year and 5-year averages taking Corn down today.
- The weather outlook has our area looking to be warmer and drier in the next 10 day window, which should help the Northern corn belt and Northern Plains get more planting done.
- The Black Sea Deal continues to be at a stand-still with no major news, with Thursday right around the corner.
- Livestock markets are mixed with hogs finishing up and cattle finishing lower, and feeder cattle finishing up
- S&P, Dow Jones finish lower today, amid Debt Ceiling concerns