CORN

• The USDA said 92% of the corn crop is planted vs 84% on average. The crop was also rated 69% good to excellent.
• In the face of the national 69% GTE rating, areas of the central and eastern Corn Belt will need more rain.
• The December corn daily futures chart is possibly forming the right shoulder of an inverted head and shoulders pattern. If it solidifies, it could point to a price recovery.
• July corn on Brazil’s Bovespa Exchange is trading around the equivalent of $4.54 per bushel.

SOYBEANS

• The USDA said 83% of the soybean crop is planted vs 65% average.
• July soybeans on China’s Dalian Exchange hit the lowest level in two years due to concerns about demand. That contract is now around the equivalent of $14.53 per bushel.
• July soybean meal hit the lowest level since August of 2022.
• Palm oil is lower due to talk of better production, India possibly increasing their import duty, and potentially lower China demand.

WHEAT

• The USDA rated the winter wheat crop at 34% good to excellent vs 31% last week.
• The USDA said the spring wheat crop is 85% planted vs 86% average.
• Kansas winter wheat is still struggling, even with recent rains. Their crop is rated 69% poor to very poor.
• The US Dollar Index continues to trend higher, which may limit upside potential for wheat as it makes it more expensive for importing countries.

Author

Brandon Doherty