100-Dollar-Ideas
Our weighted Crop Condition Index for corn rose by 2.25 points from last week and soybeans rose by 1.70 points.
Global potash fundamentals continue to pressure vitamin K as phosphate remains stubbornly overpriced.
Crude oil production factors are weighing on heating oil futures which will pressure farm diesel near-term if the momentum remains downward. Propane is 11 cents below year-ago and may still have another few cents to give before posting the summertime low.
The story of the Belorussian Potash Company continues to unfold and as major global potash importers come to the table, the Former Soviet Union K producers appear to be more than happy to undercut global prices again this year.
Distillate supplies are benefiting from increased refinery capacity and utilization, but, as with crude oil, declines in U.S. distillate supplies are keeping a hard floor under heating oil futures, and farm diesel. The first of July is upon us and we expect to book propane during that month.
This bale wrapper sold on a PurpleWave.com auction June 29
Our weighted Crop Condition Index shows the corn crop declined by 1.72 points and soybeans dropped 2.35 points from last week.
The Quarterly Hogs & Pigs Report, which showed all categories above expectations, puts more focus on demand.