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.
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%