Market Thoughts 6.12.23

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.   Click here to login and read the full analysis. Click here to sign up and read the full analysis.