Morning Highlights


Highlights

  • Weekly crop progress/conditions report out today at 3 PM CDT. 
  • NOPA crush report for June today at 11 AM CDT.
  • Weather outlook for June 22-26 calls for heat across the Plains and Midwest, more dry weather for spring wheat areas, and rains to develop across the Eastern Corn Belt.
  • The energy markets are mixed this morning, and the US$, CD$ are steady.
  • China’s economy for the 2nd quarter was unchanged at 6.9% on strong consumer spending, factory output and investments.

Corn

  • The corn market traded lower on prospects for improving chances for moisture this week.
  • Last week’s crop conditions report showed the crop at 65% G/E, with silking behind the 5-year average at 19%.
  • There are concerns of yield loss in the corn crop from dry weather conditions as the crop moves through its critical pollination period.
  • naround from the investment community going from a big short position to a big long position.

Outlook: lower on a better chance of rain this week

Soybeans

  • The soybean market traded higher on technicals and continued dry weather for the Midwest.
  • The average trade estimate for the June NOPA crush report is 143.093 million bushels, with oil stocks estimated at 1.714 billion pounds.
  • Palm oil closed at 2,537, down 14 ringgits. China bean markets were lower overnight.
  • Crop conditions expected to show a decline of 1% after last week.

Outlook: technicals and lingering hot/dry weather for parts of the Midwest

Wheat

  • The wheat market traded mixed with Mpls higher against KC and Chicago.
  • Australia’s wheat crop is expected to decline 20% on a lack of moisture in the major wheat growing areas.
  • There are also concerns of tight supplies of wheat in China, Europe, Russia and the US from dry weather during the growing season.
  • Taiwan tenders for 105,150 tonnes of US milling wheat. Jordan tenders for 100,000 tonnes of wheat.
  • Crop conditions could show another decline in spring wheat conditions.  Last week was reported at 35% G/E and 79% was headed out.

Outlook: Mixed with Mpls higher on dry weather in ND, SD, MT and Canada