7/1/2022

There was a brief attempt to trade in the green overnight but corn and soybeans gave way to weakness early on. That weakness turned into some harsh liquidation in soybeans that featured some 60 cent lower trade on the day. The follow-through selling after yesterday's acres report came out bullish for soybeans was definitely a surprise. Corn struggled to get out of its own way. Any attempt to get back within a nickel of unchanged was quickly beaten away. Wheat trade also saw another round of heavy losses and is now trading at levels last seen prior to the Russian invasion of Ukraine. This was the third consecutive weekly lower close for spring wheat which has sacrificed around $2.50/bu during that period of time. We are fairly deep into oversold territory in corn, soybeans, and wheat now. I am expecting some corrective buying to come in next week. The theme for June was largely "risk-off" across the broader markets. There were no reports or export sales today. We are only about 10 days from a fresh set of fundamentals in the July WASDE report.