Yesterday’s Close: July corn futures finished yesterday’s session up 1 ¼ cents, trading in a range of 13 ¾ cents.
Fundamentals: Yesterday’s weekly Crop Progress report showed that the US corn crop is 92% planted, the lower end of the range of estimates. Crop conditions were unchanged at 59% good/excellent, a notch below expectations. Weather will continue to be the key catalyst as conversations over unplanted acres continues, along with conversations about yields on the crop that is planted. July option expiration is this Friday, this could put a speed bump in the rally.
Yesterday’s Close: July soybean futures finished yesterday’s session up 12 ¾ cents, trading in a range of 13 ¼ cents.
Fundamentals: Yesterday’s weekly Crop Progress report showed that the US soybean crop is 77% planted, up from 60% last week but 2% behind estimates and 14% behind the 5-year average. We got very bullish last week after the USDA left production numbers unchanged on Tuesday, we have rallied as much as 63 ¾ cents since then, so a breather would be welcomed and healthy for the market. July option expiration is on Friday, this could play a role in price action for the remainder of the week. Our bias remains friendly as we see weather being a growing factor.
Yesterday’s Close: July wheat futures finished yesterday’s session down ½ of a cent, trading in an 11 ¾ cent range.
Fundamentals: Yesterday’s weekly Crop Progress report showed the spring wheat condition at 78% good/excellent, 3% below estimates. Winter wheat conditions were unchanged from the previous week at 64%, up 1% from expectations. In yesterday’s interview with RFD-TV we talked about using these prices as an opportunity to sell and that wheat would be the grain that would turn the first and hardest, that has been proven true in the overnight and early morning trade.
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