Market Thoughts 6.12.23
July corn lost 4’6 this week to close at 604’2. Futures did trade up to 614 on Sunday night, a new high for the move, then tumbled back to 595 by Monday afternoon before trading inside that range the rest of the week. July beans gained 34’0 to close at 1386’4. That contract has now rallied over a dollar since the start of the month yet still remains lower than it was in mid-May. July spring wheat gained 4’0 cents to close at 811’6. This modest outcome obscured a volatile week of trading that saw a high of 838’2 on […]
Grains opened strong on Sunday night with Dec corn trading to 548 as forecasts left the eastern Corn Belt dry into the beginning of this week. Despite those forecasts staying mostly unchanged, corn/wheat faded the rest of the week and beans would have also if not for that surprise export sale. This past week really showcased how difficult it will be for grains to sustain a rally – a major dam was sabotaged in Ukraine, spring wheat was blasted with extreme heat, no rain in the eastern Corn Belt and surprise old crop bean export sales – with the net result of corn and wheat each gaining less than a nickel. A year ago, that sort of fundamental news flow would have likely caused limit up moves.