MarketEdge PM Comments
Aug 14, 2023
(Caleb Kaufmann)
The corn market was able to turnaround by the close to get into the green after being down most of the trading session. Soybeans regain losses from Friday and then some. September corn closed up 1 ¼ to $4.7575, December corn closed up half a cent at $4.8775, while November beans close up 18 ½ to $13.26.
The corn market was able to turnaround by the close to get into the green after being down most of the trading session. Soybeans regain losses from Friday and then some. September corn closed up 1 ¼ to $4.7575, December corn closed up half a cent at $4.8775, while November beans close up 18 ½ to $13.26.
- Brazil’s 2nd crop harvest reached 72.8% complete, compared to 83.4% at this time last year.
- China’s Customs data had 9.73 MMT of soybean imports for July, setting the YTD total at 62.3 MMT. That is 15% more than last year’s pace.
- USDA announced this morning the sale of 416,000 tonnes of soybeans to unknown destinations for 23/24. (Thought to be China)
- US corn crop is rated 59% G/E, up 2% from last week
- Iowa 58% (59 LW), Illinois 64% (58 LW)
- US soybeans are also rated 59% G/E, a 5% jump from last week
- Iowa 58% (53 LW), Illinois 70% (58 LW)
- The Argentine government and Central bank have devalued the Peso by 18%, to the now official rate of 350 to one US dollar and hiked interest rates to 21 points to 118%.