EDWARDS MARKET THOUGHTS

7/1/2022 8:00am   

Markets are closed MONDAY JULY 4TH. NEXT GRAIN OPEN IS HARD OPEN OF 8:30 A.M. TUESDAY MORNING.

Corn market (and energies) stabilizing after yesterday's macro money sell off into end of the quarter. Weather maps, both GFS and Euro, have wide spread rains across the Midwest for next week of 1-2 inches.

Argentine corn harvest is now 46.5% complete according to BAGE. Interior US corn basis levels mostly steady heading into the 3 day weekend. Support for Dec corn at $6.14-6.10 and $6.10. Resistance at $6.50-6.70.

Soybeans and the products are lower as weather maps call for wide spread rains across the Midwest next week. Malaysian palm oil futures were down 4% overnight. Malaysian Palm Oil Board threating millers if they do not start back up processing, they risk having their operating licenses pulled.

 


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