Corn markets were stronger overnight with corn up 9 and soybeans up 17.
Monday’s crop progress showed US corn at 67% G/E which is down 3% from the previous week and right in line with the 5-year average. Wisconsin was 78% G/E which is down 4%, but 5% above the five-year average and 3% better than last year.
The Funds continued their liquidation yesterday and appear to be set for Thursday s report. Estimates for Thursday are listed below. The markets have some technical support at current levels and should remain neutral until the report. Temperatures across the corn belt remain warm, but chances for precipitation are good heading into next week. Historically a crop that is off to a good start and favorable weather forecasts heading into the fourth of July weekend result in lower markets following the holiday weekend. I would suggest getting some new crop sales on the books ahead of the weekend if you are less than 40% sold.
USDA Quarterly Stocks (Billion Bushel)
|June 2022||Average Estimate||June 2021||March 2022|
USDA June Acreage (Million Acres)
|June 2022||Average Estimate||March 2022||2021 Final|
Have a Safe Day!