MarketEdge PM Comments
Sep 18, 2023
(Caleb Kaufmann)
We start the week much like we finished last week, in the red. Across almost all complexes today the ink ran red except for energy markets, more specifically Crude Oil and Natural Gas. Corn and bean markets continue to get beat up from a chart perspective and from the demand side especially the export market. December corn closed down 4 ¾ to $4.7150, March corn also down 4 ¾ at $4.8575, November beans close down 23 ½ at $13.1675, and March beans end the day down 22 to $13.4350.
Have a great evening!
We start the week much like we finished last week, in the red. Across almost all complexes today the ink ran red except for energy markets, more specifically Crude Oil and Natural Gas. Corn and bean markets continue to get beat up from a chart perspective and from the demand side especially the export market. December corn closed down 4 ¾ to $4.7150, March corn also down 4 ¾ at $4.8575, November beans close down 23 ½ at $13.1675, and March beans end the day down 22 to $13.4350.
- US corn exports last week totaled 25.3 million bushels, within market expectations but below the needed pace of 35.3 million.
- US beans exports last week were 14.4 million bushels, also within expectations but well below the needed pace of 33.7 million.
- The USDA announced this morning the sale of 123k tonnes of soybeans to China for delivery this marketing year – though this is seen as routine business
- US corn harvest at 9% complete vs 7% normal
- US soybeans at 5% harvested vs 4% avg.
- Corn crop is rated 51% G/E vs 52% last week
- Soybeans are rated 52% G/E, unchanged from last week
Have a great evening!