Thursday June 9, 2022 By: Eric Peterson
Corn traded two sided overnight with the July contract trading an eleven cent range. So far July corn is unable to test the 50 day moving average of $7.74. Corn planting is nearly complete as weather forecasts look mostly favorable for crop development. The USDA will release the June WASDE report tomorrow. The average trade estimate for 21-22 ending stocks is 1.437 billion. Look for slightly lower trade ahead of tomorrow’s report.
Soybeans closed nine cents lower overnight. Old crop bids have rolled to November futures. The market traded within yesterday’s range and below the new contract highs from yesterday. China’s May imports were 9.67mmt, up from 9.61mmt a year ago. January-May imports are now down .4% from the prior year. Look for slightly lower trade today ahead of tomorrow’s report.
Spring wheat traded lower overnight following the weakness in the KC and Chicago markets. Weather the Northern Plains is conductive to finishing up spring wheat seeding, while warmer and drier weather in the southern plains will benefit hard red winter harvest.
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