Corn Rallies on Elevated China State Buying in the US; NOAA 30 & 90 Day Forecast Hints at Coming Summer Heat; Central US Forecast Non Threatening
The corrective CBT price phase appears to have ended with China buying additional US corn (again). FAS announced the sale of another 1.224 MMTs of US corn to China for the 2021/22 crop year. The US sale takes Chinese purchases of US corn to a known 12 MMTs (commercials rounding up their US total purchase…
U.S. Medium-range Forecast: Eastern warmth regenerates days 11-15.
Chart of the day: The 15-day upper air forecast. Discussion: To compensate for an amplified upper ridge pattern northeast of Hawaii located over the semi-persistent vast “warm blob” of SSTA, a downstream trough persists over the West U.S. East of the trough a moist southerly flow is induced to cause a wet Great Plains pattern.…
Midwest Cash Corn Markets Strong on Hunt for Supply for China Shipments/Ethanol Grind; Kansas Wheat Tour Results Late Today; US Weather OK for Now
AgResource Farm Marketing Advice for Thursday: 1/ No new advice. 6:30 AM CT CBT Prices: July soybeans are up 2.50 cents at $15.4075, July corn is up 2.75 cents at $6.61 and July Chi wheat is unchanged at $6.7975. AgResource Morning Grain/Soy Comment & Analysis: Good Morning! CBT futures were able to continue Wednesday’s late…
