Corn and wheat are weaker this morning with both trading 6-8 lower. Soybeans are currently 14 higher.
The markets are weaker as they wait to see more information on forecast models. Dry conditions persist in the Central US. Earlier this week the market was leveled on a chance of a change to wetter weather which so far has not developed.
The U.S. Senate on Thursday passed bipartisan legislation backed by President Joe Biden that lifts the government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default.
The Senate voted 63-36 to approve the bill that had been passed on Wednesday by the House of Representatives, as lawmakers raced against the clock following months of partisan bickering between Democrats and Republicans. The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act by then.
A mixed trade is offered early this morning and there will be even more attention on the mid-day models. The Funds don’t believe dry weather is hurting the crop and they can be right provided the weather turns wetter in the middle of June and into July. We’ve seen some extreme weather in many areas of the World so nothing is guaranteed.
Have a safe day!