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June 24th- Closing Market Commentary

06/24/2022
June 24th- Closing Market Commentary

Grains closed mixed:

Sept Corn + 16 cents/bu (6.82 ¾ )

Aug Soybeans + 13 1/2 cents/bu (15.20 3/4)

Sept Chi Wheat -12 3/4 cents/bu (9.36 1/2)

Cdn $ +0.00480 (77.400 cents)

WTI Crude Oil +3.35/barrel (107.62)

Markets had a tough week (and they only had a short week!!). Harvest prices across the board fell dramatically amid a firestorm of selling. We saw a slight recovery from the markets today, but not nearly enough to recuperate any considerable amount of the overall losses. December corn is down 51 ¾ cents on the week, November soys are down 1.04 ¾ cents, and July wheat is down 1.08 ¼ cents.

Funds were thought to be mixed today. Corn was expected to have bought 5,000 contracts, soybeans 10,000 and wheat was expected to have sold 5,000 contracts. On Tuesday, funds were less liquidated than expected with wheat actually long 3,000 instead of -20,000, corn long 241,000 not 237,000, and soybeans long 149,000 versus 148,000.

Wheat was able to pull itself into the greens today, but not able to hold that position as we closed. Today was extremely risk-off and involved a significant amount of value-buying in corn and soybeans (buy-low, hope to sell higher).

StoneX shared some interesting graphs comparing our current commodity markets to those of 2008. Correlation does not equal causation, but it does give some food for thought.

Export sales were reported as surprisingly high today, which gave the bulls something to grasp onto.

The USDA June Acreage and Stocks report is due out on June 30th

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