MarketEdge PM Comments

Sep 15, 2023


(Caleb Kaufmann)
 
Corn and bean markets close the week in the red after trading both sides throughout the week. Corn seems caught between following a higher wheat market and lower soybean market, today the soybeans prevailed. December corn closed down 4 ¼ to $4.7625, March corn was down an even 4 at $4.9050, November beans closed 20 ¼ to $13.4025, while March beans go home down 19 ½ at $13.6550.
  • NOPA members reported processing 161.45 mbu of soybeans in August. That is a 2.5% drop from Aug ’22 and was at the low end of the pre-report range of estimates – the average was to see 167.8 mbu. Soy oil stocks came in at 1.25 billion lbs – the tightest since October 2017.
  • China's central bank has instructed some brokerage companies to scale back their proprietary foreign exchange trading to stabilize the rapidly declining Chinese yuan, which has lost over 5% against the dollar this year.
  • For the week, December corn was down 7 ½ cents or 1.6% and November beans were down 22 ¾ or 1.7%
Have a great weekend!

Read More News

Sep 28, 2023
Corn and soybean futures were lower overnight.
Sep 27, 2023
Corn and beans closed up, although off their highs of the day.
Sep 26, 2023
Good afternoon, corn and soybean had a mixed day with a macro market sell off.