MarketEdge PM Comments
Sep 05, 2023
(Cody Forde)
Good afternoon,
Corn and soybeans both traded on opposite sides of each other. Corn last trade was 486^4 up 5. Last trade on soybeans was 1367^0 down 2^2 cents. This morning we had a nice flash sale of 251 MMT of soybeans sold to unknown destination. This has been very beneficial to soybean demand. I would look for this to add support to the underlying market. November soybeans have good support at 1360 if we can hold that on a continuing basis, I would watch for a retest of 14 dollars. Corn on the other hand needs a close above 487 to get a run back to the 5 dollar range. I think the lack luster trade will continue to push funds to short cover in the near term.
Crop progress showed a decline in corn and soybean good to excellent rating. Corn good to excellent rating is at 53%, down 3% week over week. Soybeans good to excellent rating saw a larger drop down to 53%, down 5% week over week. Both ratings should be supportive to both grains this evening.
Good afternoon,
Corn and soybeans both traded on opposite sides of each other. Corn last trade was 486^4 up 5. Last trade on soybeans was 1367^0 down 2^2 cents. This morning we had a nice flash sale of 251 MMT of soybeans sold to unknown destination. This has been very beneficial to soybean demand. I would look for this to add support to the underlying market. November soybeans have good support at 1360 if we can hold that on a continuing basis, I would watch for a retest of 14 dollars. Corn on the other hand needs a close above 487 to get a run back to the 5 dollar range. I think the lack luster trade will continue to push funds to short cover in the near term.
Crop progress showed a decline in corn and soybean good to excellent rating. Corn good to excellent rating is at 53%, down 3% week over week. Soybeans good to excellent rating saw a larger drop down to 53%, down 5% week over week. Both ratings should be supportive to both grains this evening.