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.

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