MarketEdge PM Comments
Aug 22, 2023
(Cody Forde)
Good afternoon,
As the crop tour has been heating up the markets have been melting down. December corn last trade at 479 down 3^4 cents on the day. November soybeans last trade was 13.44^4 down 17^2. Is the seasonal low in yet? Getting there, but probably not yet with today's market action. Last year we made a low in July and then rallied until October 14th. I am looking for a close above Five dollar to get some short covering in the marketplace. If we can get soybeans to close above 13.50 on Friday, I would look for continued strength.
Last night Pro Farmer put out yield estimates for South Dakota and Ohio. Ohio was up 9.77 bushels year over year. Giving the state a final yield of 183.94. South Dakota came in at 157.42 bushels per acre. This is up 32 percent year over year but is only up 4 percent across the 3-year average. Tonight, they will be sharing the results for Nebraska and Illinois. Both will be watched closely as reports during the day have been showing variability.
Good afternoon,
As the crop tour has been heating up the markets have been melting down. December corn last trade at 479 down 3^4 cents on the day. November soybeans last trade was 13.44^4 down 17^2. Is the seasonal low in yet? Getting there, but probably not yet with today's market action. Last year we made a low in July and then rallied until October 14th. I am looking for a close above Five dollar to get some short covering in the marketplace. If we can get soybeans to close above 13.50 on Friday, I would look for continued strength.
Last night Pro Farmer put out yield estimates for South Dakota and Ohio. Ohio was up 9.77 bushels year over year. Giving the state a final yield of 183.94. South Dakota came in at 157.42 bushels per acre. This is up 32 percent year over year but is only up 4 percent across the 3-year average. Tonight, they will be sharing the results for Nebraska and Illinois. Both will be watched closely as reports during the day have been showing variability.