MarketEdge PM Comments
Jun 05, 2023
(Caleb Kaufmann)
Markets traded higher overnight and into the morning before ultimately reversing course to close down on the day. Rains have been spotty anywhere east of Des Moines, but the 11-15 day run went a bit wetter in the Eastern corn belt this afternoon pressuring grains. July corn closes down 11 ½ to $5.9750, December corn was down 4 ¼ at $5.37, July soybeans were down 2 ½ to $13.50, and November beans go home down 4 at $11.7975.
Markets traded higher overnight and into the morning before ultimately reversing course to close down on the day. Rains have been spotty anywhere east of Des Moines, but the 11-15 day run went a bit wetter in the Eastern corn belt this afternoon pressuring grains. July corn closes down 11 ½ to $5.9750, December corn was down 4 ¼ at $5.37, July soybeans were down 2 ½ to $13.50, and November beans go home down 4 at $11.7975.
- US corn exports last week were 46.5 million bushels, continuing the trend over the last 4 weeks averaging near 49.5 million bushels/week. This pace may pressure the USDA to drop the corn export number in the next WASDE report.
- US beans inspected for export last week totaled 7.9 million bushels, within market expectations but also the 4th consecutive week below the needed pace of 19.8 million bushels/week.
- Weekly crop progress report puts the US corn crop at 64% G/E vs 69% last week and 67% expected.
- Iowa 72%, Illinois 50%
- The soybean crop came in at 62% G/E vs 65% expected – both ratings should be supportive for the overnight markets.
- Iowa 70%, Illinois 51%