Morning Market Wire

Tuesday June 14, 2022                                               By: Eric Peterson

Corn traded lower overnight with the July contract leading the way.  July corn stayed below the 50 day moving average of $7.77 but has tested this level the last four trading sessions.  The USDA pegged corn planting at 97% complete and 88% emerged.  Crop ratings were at 72% good/excellent.  Look for the back and forth trade in the corn market to continue. 

Soybeans traded slightly higher overnight, recovering what was lost yesterday.  Soymeal and soyoil are both higher.  Crop progress released the first condition estimate for the year showing good/excellent at 70% vs. 62% last year.  Planting was reported at 88% complete.  Look for higher trade to start the day recovering losses from yesterday. 

Spring wheat was steady to lower overnight with the Jul contract trading 14 cent range.  U.S spring wheat planting was reported at 94% complete, 72% emerged.  Ratings came in at 54% good/excellent well above last year’s 37%.  Above normal temperatures and little chances of rain in the Southern Plains should speed up winter wheat harvest pace.  Yesterday’s progress report showed winter wheat harvest at 10% complete.  Look for mostly lower trade today. 

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