EDWARDS MARKET THOUGHTS

5/24/2024 8:00 am

US markets are closed next Monday for Memorial Day. Re-open Monday night at 7 pm CST.

Corn is steady to mixed this morning as we head into the 3 day weekend. Weather models differ on rain amounts/ systems for the Midwest with GFS having 3 rain events between now and June 9th (rains Sunday/Monday, 2nd system next weekend and 3rd system then Tues/Wed.

French corn plantings running behind normal due to wet weather as they are 78% complete vs 5 year avg of 96%.

Interior corn basis levels holding firm with slow farmer movement. Argentine corn harvest continues to run behind normal at 33% complete vs 41% last year and 5-yr avg of 46%.

Look for sideways choppy trade today.

Have a great weekend!!

 


Charts

 

5/10/2024