Written Commentary
SOYBEANS
July soybeans closed moderately higher on the session today and have now closed higher for 8 of the past 9 trading sessions. Strong demand has helped support the higher market and the buying pushed the market up to the highest level since April 22. Both meal and oil are trading higher on the day. US cash market remains firm as crush margins are strong.
CORN
July corn closed moderately lower on the session but has stayed inside of yesterday’s range. December corn also closed lower on the day as the five day forecast is wide open for the Dakotas, Nebraska, Minnesota and Iowa. The market closed 16 ¾ cents lower for the week. Argentina raised its export quota to 35 million tons from 30 million currently. However, the USDA sees exports at 39 million tons for the 21/22 season. Demand remains firm but traders see the weather as a bearish factor.
WHEAT
July wheat closed sharply lower on the day and closed near the lows of the day. The selling has pushed the market down to the lowest level since May 13. Better rains in the forecast for the next few days has helped to pressure the market, but it appears the weather will turn hot and dry again in the southern plains for the 6–14 day forecast models. In addition, the French wheat crop continues to deteriorate, and temperatures are expected near 95° in many areas this weekend. July KC wheat was also lower on the day and down to the lowest level since May 12. Minneapolis wheat closed down 51 ½ cents for the week and experienced a weekly key reversal from an all-time high. Drier weather in the northern plains should promote increased planting.
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