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Futures

June 27th- Midday Market Commentary

06/27/2022
June 27th- Midday Market Commentary

Grains are mixed at noon:

Sept Corn – 24 1/4 cents/bu (6.58 1/2)

Aug Soybeans + 7 1/2 cents/bu (15.28 1/4)

Sept Chi Wheat -8 1/2 cents/bu (9.28)

Cdn $ +0.00215 (77.615 cents)

WTI Crude Oil +1.49/barrel (109.14)

Big (needed) rains hit the Midwest over the weekend which put pressure on the corn market. Weather forecasts also turned to look slightly cooler for the next few days giving the crops some relief. Rain estimates have also picked up, with precipitation amounts for next week being estimated below.

The next few weeks have some potential volatile factors with the USDA planted acreage and quarterly stocks report out on Thursday, coupled with a long-weekend (markets are closed Monday), and wheat harvest pressure.

The weekly export inspections report showed that corn, soybeans and wheat were all within expectations (with corn well on the high end). Japan was the sole reason for such impressive corn exports.

In Million Bushels

Actual

Estimates

Last Week

10-Week Average

Corn

49.1

35.4-49.2

46.9

55.6

Soybeans

17.2

11-21.1

15.7

21.7

Wheat

12.9

11-22

12.8

12.8

Looking forward, we can expect to see the Weekly Crop Progress Report at 4 pm ET.

EIA never released a report last week, which may lead to big updates/changes for this week’s report, or maybe two reports!

There is a scheduled G7 meeting for today which is expected to consider additional sanctions against Russia. 

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