EDWARDS MARKET THOUGHTS

2/3/2023 8:00am     

WDG and Corn Marketing Meeting Feb 15th at the Ridge Golf Course.. Call For details!!!

Grains and oilseeds were lower overnight on increased tensions between China and US after a Chinese spy balloon was seen floating over the northern US (Montana...nuclear missile sites). March corn finding some support near $6.70.

BAGE estimates Argentine corn planting now 96.5% planted and pegs the crop at 44.5 mmt (vs 52 mmt last year). USDA is still at 52
mmt and avg trades for next week's S/D is 48 mmt as USDA has habit of slow walking numbers down. Traders expect to leave Brazil corn production near the 125 mmt.

March/May corn spread pulls down to +1.25 with Goldman roll to start next Tuesday. Macro markets has US dollar stronger after a much bigger than expected US jobs report of +517k added vs expected +189k. Equities lower as pressure will be for US Fed to keep raising interest rates.

Soybeans and products are slightly lower, The next rain event for Argentina is next Saturday while an active shower pattern continues
across northern Brazil (hampering harvest).

Support for March beans remains at $15.10-15.00 with increasing resistance now at $15.50.

 


Charts

1/12/2023