Friday June 19, 2020 By: Eric Peterson
Corn traded slightly higher overnight as the July contract looks to set another week of higher lows as it has been able to do the last 7 weeks. The majority of the corn belt is forecasted to get rains in the next week or two. However, Illinois and Indianan are expected to run below the average amounts. Look for higher trade today as the market looks to stay rangebound to finish the week.
Soybeans traded higher overnight with the July contract hitting highs not seen since the beginning of April. The market is higher following the strength from soybean oil. Rumors of China state owned companies planning to increase U.S soybean purchases is providing additional support. Look for mostly higher trade today.
Spring wheat closed two cents lower this morning trading a narrow range overnight. Kansas City wheat is on pace for the largest loss in five weeks and trades at its lowest level since mid-March. Minneapolis trades at a premium to winter wheat as protein reports from harvest are still low, but yield reports are strong. Look for mostly mixed trade today.
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