Good morning,

Corn is down 3 and soybeans are down 8 overnight as traders look to short the market heading into a weekend that is forecasted to be cooler and wetter.

The EU and US models may disagree a little bit on amounts, but both are very wet for the Central US this morning.  A string of thunderstorms is forecast to move through lower Iowa and Northern Illinois in the middle of next week.  A cold front out West is activating the weather pattern to wetter.  The confidence this these forecasts look high to me.

Some crops have been helped this past 10 days as rain arrived in the Midwest.  What would have been headed for a disaster has been salvaged now in many areas.  A record yield is off the table, but the question will remain, just how much smaller the crop is.  The absence of heat has helped hold things together awaiting timely rains.  The futures have not held together very well in corn futures as prices are at summer lows trading both sides of 5 dollars in December corn.

There are still a lot of things to be determined about the size of this year’s crop, but I believe we are trading a 173-175 range yield at the present time. Unless demand picks up next year, we could drop yield to 168 and still have the same carryout as this year. So, there is currently no reason for this market to trade higher until demand comes back.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets are mixed this morning with corn down 5 and soybeans up 18.

Corn condition ratings rebounded by one point this week to 51% good/excellent, still below 64% last year and the 66% five-year average; corn silking doubled to 8%, in line with 7% LY and the 9% 5YA pace.

Soybean conditions fell by 1% to 50% g/ex, down from 63% LY and the 64% 5YA; soybean blooming and pod-setting were reported above their comparable at 24% and 4%, respectively.

NOAA and the EU model look similar this morning, both showing rain in the South and little in the Central US and North.  Temperatures will be on the cool side. For all the rain that was supposed to develop, its sure seems like it was on the light side compared to forecasts.

Have a Safe Day!

Garry Gard

ggard@didioninc.com

920-348-6844

Good morning,

Corn is up 7 and soybeans are up 47 to start the week.

Markets are higher following soybeans as the USDA reduced acres by 4 million last Friday.  Crop conditions are expected to be mixed this afternoon as rain has fallen in many of the drier areas of the Midwest.

Fridays USDA surprise did not come through stocks, which were reported to be slightly below the average trade guesses and opens the possibility for some minor downward revisions in old crop carry outs/new crop carry ins. Instead, the surprise came from acreage where planted corn acres were revised up more than 2 mln up to 94.1 mln, well above the average trade guess of 91.85 mln. Soybean acreage was slashed 4 mln down to 83.5 mln, well below the average trade guess of 97.67 mln. Nationally, between the two crops, we lost almost 2 mln planted acres vs. the March report. About 600k of those acres went to spring wheat and we saw a national uptick in planted hay acres of 1.35 mln. I guess you have to make hay while the sun shines… All together, we are looking at principal crop acreage is at 318.7 mln, the highest total since 2018.

Above normal rain is forecast by both the GFS and EU models this morning.  Storm systems will move through the Midwest every few days this week.  Temperatures will be cooler this week as a cold front has moved down from Canada.

You never know what the USDA will do, and Friday was a pretty big surprise.  Cutting 4 million acres of beans and adding 2 million acres to corn has driven the corn/bean spread to the widest I have ever seen.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Corn is up 5, soybeans up 27 and wheat up 6 to start the day.

The corn market dropped into the open chart gap at 5.305 yesterday and was filled.  Prices traded a little bit below there and closed right on it.  Now the only open chart gaps are at 6.15 and 6.29.  The downside is limited as the market is coming into the bottom end of the range since May.  The market should move back up to the 5.50-5.70 range.

The GFS and EU model say rains will continue to move through the Midwest over the next 10 days.  There are supposed to be 3 storm events in the next week and a half producing up to 3-4 inches in the driest areas.  The storm yesterday had a lot of high wind and some hail with downed corn.  The rain totals were not as much as there were supposed to be, but I think that was going to be the case when you have a storm move that quickly.

USDA report out at 11am today. Expectations are listed below.

USDA June 1 Stocks (billion bushels)

USDA 2023 June Acreage (million acres)

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Corn is down 24, soybeans are down 25 and wheat is down 32 to start the day with just enough rainfall over the last couple days and forecasts for more to come! Even though the ratings dropped, there is just enough rain around in the forecast to drop the market.

Corn condition ratings fell by another five points this week to 50% good/excellent, down from 67% both last year and on average; corn silking was initially reported at 4% done.

Soybean ratings fell by 3% to 51% g/ex, down from 65% both LY and on average, with emergence and blooming ahead of their comparable metrics at 96% and 10%, respectively.

The GFS is wet this morning, adding rain to Illinois as well as most of the crop area in the central US.  The EU model is not quite as heavy on coverage in Illinois and with little coverage in Iowa, Minnesota and Wisconsin.  A ridge is expected to develop later this week and after it breaks down some rain will move across the US this weekend.

This seems like a lot to be down, but the GFS says it’s going to rain, and the Funds are dumping their longs.  We have a crop report on Friday that will also add to the volatility in the markets.  We had some issues in North Dakota with planting, so there may be some prevent plant, otherwise most all the corn acres went in. I can’t say that we won’t have more opportunities to market above the current levels, but producers have been sitting on their hands because they think its dry may have missed the boat. The markets rarely wait for the rain to fall before taking premium out of the markets. You must be proactive and market when opportunities are presented. Be prepared and get offers for old and new crop in with your buyers today! We have a crop report on Friday, and we are headed into the pivotal 4^th of July weekend.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com