MarketEdge PM Comments

(Allison Ryan)
 
Grains continue their free fall today with rain continuing to fall and/or be forecasted for parts of the corn belt most needing a drink. September corn was down 23¾ and new crop was down 22½. August beans were down 42 and November was down 35½. Wheat was also down significantly.  
 

• Traders continue to liquidate their long position after some much needed moisture is hitting the Midwest
• The forecast for July continues to look favorable with wetter and warmer conditions, and confidence in that continues to improve
• Friday’s stock and acreage report is also looming over everyone’s heads, going into a weekend, followed by a Monday trade day, and then the 4^th of July holiday
• Corn acres on Friday are expected to be somewhere around that 91.85 mil acres, vs. 2022 acres of 88.58 mil
• Bean acres are expected around 87.67 mil acres, up slightly from last year’s 87.45 mil acres
• The Federal Reserve indicated today that we will likely be seeing more interest hikes later on in 2023
• Ethanol production for last week was steady, above 1 million barrels per day
• Be sure to roll or price any July basis contracts before Friday at noon- contact your grain merchandiser to assist you with that
• The Dow was slightly lower, crude was up, and the Dollar was firmer

Have a great evening.