Your Pro Farmer newsletter (May 6, 2023) is now available

Macroeconomic concerns caused more risk aversion in commodities last week, though grain markets rebounded off their intra-week lows. While that suggests maybe the recent heavy price pressure will at least ease, export demand has not yet signaled prices are low enough to encourage active global end-user buying. Soybean export demand continues to slow seasonally, corn recorded net old-crop sales reductions amid more cancellations from China and wheat export sales remain stagnant. The corn and soybean markets continue to closely track the price trend from 2010-14, which suggests more pressure is ahead. Weather remains mostly favorable aside from the northern Corn Belt where cold, wet soils have slowed planting. On the economic front, the Fed raised interest rates another 25 basis points, as expected, but signaled its next move will likely be a pause. Our page 4 feature is a look ahead to the path for the Fed. We cover all of these items and much more in this week’s newsletter, which you can download here.