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 June 2023||Ave. Est.||USDA June 2022|
USDA 2023 June Acreage (million acres)
|USDA June 2023||Average Trade Est.||USDA March 2023|
Have a Safe Day!