MarketEdge PM Comments

Sep 07, 2023

(Sam Bair)
Good Evening, markets are mostly lower after today's session. December corn futures are up 1/2 of a penny closing at 486^2. November bean futures are down -16^6 closing at 1359^4. Wheat also closed lower on the day.
  • Commodity broker, Stone X estimates US corn yield at 175 BPA and US bean yield at 50.1 BPA, both lower than August USDA report.
  • Ethanol Production was up last week, but stock remain roughly the same and gasoline demand hit a 9 week high
  • Both cattle and hogs finished higher on the day.
  • Seems as if the funds positioning themselves ahead of the USDA report that will be released on Tuesday Sept. 12th.
  • The Dow Jones finishes higher, while the S & P, the Nasdaq, and gold all finish lower on the day.
  • Basis continues to fall off for nearby, so if there is still old crop out there, it may be a good time to let it go.
Have a good evening,

Read More News

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