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Futures

June 23rd- Closing Market Commentary

01/23/2023
June 23rd- Closing Market Commentary

Grains close off their lows:

Mar Corn – 10 cents/bu (6.66 1/4)

Mar Soybeans -16 1/4 cents/bu (14.90 1/4)

Mar Chi Wheat -21 1/2 cents/bu (7.20)

Cdn $ +0.00050 (74.785 cents)

WTI Crude Oil +0.02/barrel (81.66)

Grains were well into the red today as the rains in Argentina “flooded” the market with sellers. The weakness was amplified by the large managed money ownership that had accumulated in the soymeal market on the Argentine drought story. March corn fell 10¢ to $6.66 1/4, ending the session below the 10- and 20-day moving averages and marking the lowest close since Jan. 11. March Soybeans hit 2-week lows, while March wheat hit 16-month lows. Both of which eased off their lows to close. Soymeal finished -0.4% which was near 1-month lows, although it finished well above session low at $461.90/short ton.

Exports were all within estimates, soybeans towards the high end of estimates, and wheat performed better than last week and the 10-week average. Marketing year to date corn export inspections fall short of the seasonal pace needed to hit USDA's target by 148 million bushels, versus being short by 146 million the previous week. Marketing year soybean export inspections to date exceeds the seasonal pace needed to hit USDA's target by 21 million bushels, versus being short by 40 million the previous week. This export data was coupled with a flash sale announcement released this morning for 192,000 tons of soybeans sold to unknown for 2022/23.

On top of rains in Argentina, there was some above-normal precipitation for the U.S. Plains, where the winter wheat has been struggling which provided some relief.

Funds were thought to have been all sellers today.

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