MarketEdge PM Comments
Aug 03, 2023
(Sam Bair)
Good evening, grains were split today as corn finishes down for the eighth day in a row. September Corn futures are down 7^4 closing at 480^6, and new crop corn is down 7^0 closing at 493^4. August Bean futures were down 1^0 closing at 1428^6, and new crop beans are up 4’0 closing at 1325^2. Wheat finishes lower after the day session.
Good evening, grains were split today as corn finishes down for the eighth day in a row. September Corn futures are down 7^4 closing at 480^6, and new crop corn is down 7^0 closing at 493^4. August Bean futures were down 1^0 closing at 1428^6, and new crop beans are up 4’0 closing at 1325^2. Wheat finishes lower after the day session.
- This morning, USDA reported a sale of 134k tonnes of new crop to China, helping soybeans finish in the green.
- Favorable weather is still in the forecast for the 1st half of August to help during this crucial period of the growing season.
- We still need to see more demand for corn and beans moving forward to see a sustainable rally.
- The US Drought Monitor released their weekly maps today. As of Tuesday 57%, of the US corn crop and 51% of the US bean crop was under drought conditions.
- Export Sales for last week:
- Corn Sales Expectations
- Old Crop 108,000 mt 150k-500k
- New Crop 349,000 mt 200k-700k
- Beans Sales Expectations
- Old Crop 91,000 mt 50k-400k
- New Crop 2.631 mmt 1-2.5 mmt
- The livestock markets were mixed today, with Cattle finishing up, and hogs finish in the red.
- Gold, Dow Jones, Nasdaq, and S & P all finish lower on the day.