Jun 14, 2022

Grains tried to show some strength overnight with corn suspended 1-2 cents higher while attempting to benefit from some strongly higher trade in soybeans.  Soybeans were sold off shortly after the 8:30 open and corn flipped lower this morning with both following the weakness in wheat.  We have had our market partially supported over the past year by investor money and some macro-economic factors are starting to show some major cracks and those folks want out.  Export sale announcements have been less common as of late but the USDA did confirm the sale of 148,000 tonnes of corn for delivery to Mexico with 103k tonnes to be delivered in the 2021/22 marketing year and 45k tonnes to be delivered in the 2022/23 marketing year.  We got a full menu on this week's crop progress report with planting percentages and condition ratings for corn, soybeans, and spring wheat.  Corn was viewed as 72% good/excellent (-1 on the week), corn planting was 97% complete (97% avg) and 88% emerged (89% avg).  The initial soybean condition rating was 70% g/e (62% last year), soybean planting was 88% complete (93% 2021) and 70% emerged (74% avg).  Spring wheat is 54% g/e (37% 2021), 94% planted (99% avg) and 72% emerged (93% avg).  Continue to work sell orders for corn at $8.00 cash and $7.00 new crop. 

Soybean bulls have lost the battle at some key support areas to start the week.  The August contract closed below its 50-day moving average for the first time in a month and we will likely see how strong support is at the $16 level sooner rather than later.  Near identical look on the November contract but using the 20-day average and the $15 mark, instead.

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