MarketEdge PM Comments

(Taylor Bensenberg)

Good afternoon, July corn closed up 4 cents at 5.8625 and December corn closed down 5 cents at 5.0875. July soybeans closed down 15 ½ at 13.90 and November soybeans closed down 24 ¼ at 12.2375.
 
WASDE Report Recap

• Cuts to 2022/2023 corn exports by 75 million
• Stocks up 75 million to 1.417 billion bushels
• 2023/2024 carryout is at 2.222 billion bushels on corn and beans 335 million bushels
• Note that Argentine bean production was left unchanged

 
Other News:

• Traders will be focused on weather for the next few months
• China continues to cancel U.S. corn orders and is purchasing from Brazil instead
• Still no resolution to the Black Sea deal

 
Have a great weekend!