Jun 15, 2021

Yesterday's selling continued into the overnight market open and throughout most of day session until some updated weather models pulled some of the moisture out of the forecast, lifting corn 10 cents, and beans 5 cents, off their daily lows but still finishing well in the red for a third consecutive day.  Trade seemed to ignore yesterday's updated crop conditions declined more than expected, with corn now seen as 68% good/excellent (69% estimated, -4% from last week) and soybeans at 62% g/e (65% estimated, -5% from last week).  Spring wheat conditions continue to tumble with only 37% of the crop rated good/excellent and only 29% of North Dakota's spring wheat in the g/e category.  Wheat has some extremely conflicting fundamentals, with the US spring wheat crop considered to be in danger and the market unresponsive due to a generally large world wheat supply and winter wheat harvest progression.  NOPA soybean crush figures for May were released this morning and bushels crushed in May were 163.5 mln, below the trade estimate of 165.1 mln bu.  This was also down 2.6% from May of 2020.  The farmer selling has been quiet lately as everyone seems to be waiting on rain before going forward with any new sales.

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