AgResource Midday Commentary; GFS Like the Overnight Run with Below Normal Midwest Rainfall and Mild Temperatures; China Continues to take US Corn off PNW; Crop Ratings to Fall in Corn/Soy

CBOT values are mixed at midday with KC wheat, July soybeans and soyoil futures sagging while December corn tested last week’s rally high at $5.48. ARC notes that the old breakdown point of $5.50 (March lows) in December is being tested. December corn will struggle to rise above this level until there is additional confirmation…

p AgResource Midday Commentary: June WASDE Offers No Surprises; Focus Back on Central US Weather & Rising Oil Share Trade; Russian 2023 Wheat Crop Estimated at 85 MMTs

The USDA June Crop Report held little fanfare with 2022/23 and 2023/24 US corn ending stocks rising 35 Mil Bu, 2022/23 and 2023/24 US soybean end stocks rising 15 Mil Bu while US 2023/24 wheat end stocks rose 6 Mil Bu. All combined the 56 Mil Bu of additional combined US corn/soybean/wheat end stocks was…

AgResource Midday Commentary; Midwest Drought Builds With 45% of corn and 39% of the Soybeans Involved; Soyoil Rallies above its 50 Day Moving Average for the 1st time Since February; Cash Corn/Soybeans Stay Strong

Slightly higher are CBOT grain futures as the midday GFS forecast has shifted drier and now is more like overnight EU weather model as the amount of crop that are involved in the 2023 flash drought continue to grow. The US Drought Mitigation Center Indicated that 45% of the US corn and 39% of the…

AgResource Midday Commentary: Soy Complex Finds Support on Global Demand; Midday GFS Maintains Needed Midwest Rainfall; US Ethanol Production Rising Seasonally

AgResource Farm Marketing Advice for Wednesday: 1/ No New Advice.                                             CBOT ag markets are mixed but mostly lower at midday. The break in grains has been led by high-protein wheat contracts, and while there’s no specific catalyst for renewed selling there is news suggesting that flooding of the Danube River in Ukraine won’t impact nuclear…

AgResource Midday Commentary; Midday GFS drier in 6-10 day Period for E Midwest; Spain Buys US Soybeans to Send the Oil back to US on RD; EPA to Exclude eRINs

CBOT grains are mixed at midday with July soyoil holding above the 20-day moving average at $.4875 and rising to $.5074 (highest price since May 12th) while corn/wheat futures have traded in a wide range on fundamental battles between improving Central US weather forecasts and heightened war concern between Russia/Ukraine. Nearby, crop stress is ongoing…