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  • Lighthouse Commodities

Market Thoughts 5.07.23

Switching to July contracts, corn gained 11’4 to close the week at 596’4. Futures managed to fall all the way to 569’2 on Wednesday, lowest level since January of 2022, before recovering to near 600 on Friday. July beans gained 17’2 to close at 1436’4, a recovery of over 50 cents from a Wednesday 1392’2 low. Even wilder week for July spring wheat with futures hitting 769’0 on Wednesday before rallying to 836’0 by Friday’s close. Over the past three weeks, wheat has featured a drop of 126 cents followed by a rally of 57 cents.

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