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 Grain Comments   07-06-2022


Good Morning:

Corn is softer overnight while soybeans and wheat are trading on the higher side. 

The rating of the US corn and soybean crops again slipped lower last week which was not a surprise. The US corn crop is now at 64% Good/Excellent, down 3% on the week. The US corn crop is 7% in the silk stage, 4% behind average. The soybean rating declined 4% to 63% G/E. Pods are being set on 3% of the US soybean crop which is in line with the historical average. Winter wheat harvest is at 54% and expected to increase in momentum this week. The spring wheat rating is holding well above last year at 66% G/E. US pasture conditions were steady on the week at 31% G/E.

While these numbers will garner market interest today, the most attention will likely remain on the Managed Money crowd. These individuals have greatly reduced their long positions in corn and soybeans and are adding to their short wheat position. Even when selling subsides we are not seeing buyers enter the market, adding to market pressure. Less threatening weather forecasts are also a factor in trade, especially on soybeans. There is hope that trade talks between the US and China may bring us some much needed demand, but until this is known, the path of least resistance in the market is currently down.  

Heavy rains fell from SD through the MN/IA and WI/IL borders, into OH over the past 24 hours, with some decent coverage for surrounding areas as well; rains for the coming days look heaviest for the heart of the belt—NE/IA into the entire ECB, with heavy rains for ND as well. Extended maps look dry throughout, with temps holding on the high side of normal into late July.

Have a great day!


Wayne Kollis - Mike Rosenberg - Matt Zeman - Austin Behrendsen - Deric Den Hartog

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