June 22, 2016
Grain Marketing Specialist
Corn: Down 1
With July corn closing down the limit yesterday, the daily limit will expand to 40 cents today. Funds liquidated an estimated 35k contracts yesterday. Multiple rain chances are on the way through the weekend, to go with more seasonal temperatures that will benefit early crop development across the great majority of the US corn belt.
Soybeans: Down 2
More export sales announcements yesterday, 132k metric tons to China and 126k metric tons to unknown. We are still in a weather market, the 7-day forecast calls for more rain especially in the Eastern corn belt. In the northeastern region of Brazil, bean yields have been disappointing.
Wheat: MW Up 3, KC Up 3
The higher dollar and continued harvest put pressure on wheat yesterday as well as following corn and beans. New contract lows on Kansas City wheat yesterday.