MarketEdge PM Comments

(Taylor Bensenberg)

Good afternoon,
 
Another day in the red…July corn closed down ¾ of a cent at 5.5450 and December corn closed down 1 at 4.9975. July soybeans closed down 26 at 13.0725 and November soybeans closed down 11 ½ at 11.7550.
 

• Weather and planting progress remain the main focus of the market with little news headlines
• As China continues to cancel purchases, the market remains under pressure
• Next week all eyes will be on the Dakotas planting progress as we are flirting with the insurance deadline
  • North Dakota plants around 4% of the nations corn (3.75 million acres)
  • Since prices have dropped so hard this week, prevent plant is looking more and more appealing
  • Prevent plant acres would hinder ending stocks
• The Dow fell 115 points, energy markets were mixed, and the dollar weakened

 
Have a great weekend!