June 22
July 6, 7, 9
Good Morning: Grain and soy markets recovering a portion of yesterday’s massive sell-off which pushed corn down limit and soybeans tumbling 8%. Several traders believe Thursday’s sell-off was overdone. For the week corn is down 60 cents, soybeans down $1.47, meal down $21.00, soy oil down $9.20 and wheat is down 10 cents. The outside markets are mixed with energies modestly higher, dollar trading higher and equity futures trading lower. The various weather models continue to show various amounts of rain next week with the GFS being the wettest. The National Hurricane Center has raised the odds the tropical storm system headed for the Gulf Coast has a 90 percent chance to become a tropical storm (in which case it would be named Claudette) sometime Friday. The latest drought monitor showing 41% of the US corn crop experiencing moderate to intense drought, up 6% from a week ago. 36% of the soybean areas is experiencing some form of drought, up 5% from last week. 86% of the spring wheat crop is in a drought. The Buenos Aires Grain Exchange reporting corn harvest 42.3% complete, up from 37.8% last week. The Exchange left its production estimates unchanged at 48.0 MMTs for corn and 43.5 MMTs for soybeans. Argentina Port and Grain Terminal Workers will hold a 24-hour strike today to demand Covid-19 vaccines. Current daily price limits for today trade is $0.60 for corn, $1.50 soybeans, $0.055 for soybean oil, $45.00 meal, $0.45 wheat. The trade is anticipating another significant drop in crop ratings on Monday. China customs data showing China raised its purchases of corn by nearly 400% in May compared to a year ago, driven by robust demand from a recovering hog herd and the need to replenish state stockpiles. Imports in May hit 3.16 MMTs, bringing the total over the first five months of the year to 11.7 MMTs, an increase of over 300%. Have a great day! Wayne Kollis - Mike Rosenberg - Matt Zeman - Austin Behrendsen - Deric Den Hartog
Sat 6/19
Sun 6/20
Mon 6/21
Tue 6/22
Wed 6/23
High
84 F
77 F
71 F
81 F
92 F
Low
56 F
62 F
51 F
48 F
59 F
Precip
20%
80%
0%
24%
June 22nd...
July 6,7, 9...
From Agronomy Sales Manager Terry Aukes ...
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