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Good morning,

Markets are down 7 in corn and up 35 in soybeans this morning.

With the key Stocks and Acres update on Friday, we could see some short covering later this week. I do expect a lower crop rating this afternoon, but nothing severe. The weather forecast into the July 4th weekend looks positive for the crops which will limit any market rally unless Friday’s report is bullish.

There are only a handful of sessions left to trade before the key Stocks and Acreage reports are released. Growers with too much old corn still unpriced face some difficult decisions. Be sure and get to a more comfortable position on old and new crop sales prior to the June 28th report.

USDA June 1 Stocks (billion bushels)

  USDA June 2024 Average Est. USDA June 2023
Corn   4.873 4.103
Soybeans   .962 .796
Wheat   .684 .570

 

USDA 2024 June Acreage (million acres)

  USDA June 2024 USDA March 31 Average Est.
Corn   90.036 90.353
Soybeans   86.510 86.753
All Wheat   47.498 47.657
Winter Wheat   34.135 34.197
Spring Wheat   11.335 11.340
Durum   2.028 1.998

 

 

Have a safe day!

 

Garry Gard

920-348-6844

ggard@didioninc.com