MarketEdge PM Comments

Sep 22, 2023

(Taylor Bensenberg)

Good afternoon, 
Finally seeing some green on the board. December corn closed up 2 at 4.7725 and March corn up 2 ¼ at 4.9225. November beans closed up 2 ½ at 12.9625 and January beans closed up 2 ¾ at 13.1350.
  • The Mississippi River remains low making it challenging for U.S. Exporters to sell in the FOB market
  • The dollar continues to rally, putting pressure on commodities and exports 
  • The market has been focusing on lost export demand rather than lost production as we shift out of the supply time of year
  • Beans are down $1 from August and corn cash prices are down nearly $2 from a year ago
  • Drought worries are back in South America aiding in soybean support 
  • The Fed is saying they are planning on keeping rates "restrictive" for the foreseeable future.
Have a great weekend!

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