# TFM Daily Market Update 8-3-2023 - Total Farm Marketing by Stewart-Peterson

> December corn futures closed below $5.00 for an eighth straight session, and the market is testing a July low near $4.81. Forecasts for cooler temperatures and near- to above-average rain across the Corn Belt are favorable for the crop, while 57% of corn remains in drought and export sales lag last year. Soybean meal rose while soybean oil fell, and soybean export sales were mixed.

- Date: 2023-08-03 · published 2023-08-03T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/4053-tfm-daily-market-update-8-3-2023-total-farm-marketing-by-stewart-peterson
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Favorable mid-August weather forecasts reduce the risk premium for corn, keeping prices under pressure despite lagging demand. Higher meal and lower oil reflect diverging crush product values for feed buyers.

## Read by commodity

- SBM: bullish ▲
- SBO: bearish ▼
- SOY: neutral
- CORN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2017-05-30 | [Market reacts to late rain patterns - Farm and Dairy](https://feedsoft.ai/events/71027-market-reacts-to-late-rain-patterns-farm-and-dairy.md) | -0.2% | -3.5% |
| CORN | 2016-06-23 | [UT Crop Market Update 6/23/2016 \| UT Crops News](https://feedsoft.ai/events/10241-ut-crop-market-update-6-23-2016-ut-crops-news.md) | -3.5% | -5.7% |
| CORN | 2021-06-18 | [Farming News - Wheat & Oilseed market update from ADM - UK wheat conditions continue to improve](https://feedsoft.ai/events/7307-farming-news-wheat-and-oilseed-market-update-from-adm-uk-wheat-conditions.md) | +0.3% | -5.2% |
| CORN | 2019-04-01 | [March 2019 El Niño Update: Think spring](https://feedsoft.ai/events/60008-march-2019-el-nino-update-think-spring.md) | +0.2% | -2.9% |
| CORN | 2017-03-21 | [Daily market wire 22 March 2017 - Grain Central](https://feedsoft.ai/events/10723-daily-market-wire-22-march-2017-grain-central.md) | -1.1% | -0.5% |
| SBM | 2022-07-29 | [Grain Market Update 29th July - Irish Farmers' Association](https://feedsoft.ai/events/11487-grain-market-update-29th-july-irish-farmers-association.md) | +4.2% | -5.2% |
| SBM | 2020-07-20 | [Grain Market Update 21st July - Irish Farmers' Association](https://feedsoft.ai/events/6207-grain-market-update-21st-july-irish-farmers-association.md) | +1.5% | +1.1% |
| SBM | 2024-10-21 | [Market Snapshot \| October 21, 2024 - Pro Farmer](https://feedsoft.ai/events/11151-market-snapshot-october-21-2024-pro-farmer.md) | -3.2% | -8.1% |

## Sources

- totalfarmmarketing.com: https://www.totalfarmmarketing.com/tfm-daily-market-update-8-3-2023/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.