TFM Midday Update 6-15-21

CORN

July down 6 @ 6.52 & Dec down 16 @ 5.64
Corn down again from rain & cooler temps projected for end of the 7-day forecast
Not much rain projected for the next 5 days with extreme heat expected
Brazil still getting rain in Moto Gross – drying will soon be needed to support harvest progress
Argentina weather mostly dry over next 2 weeks
Corn rated 68% good/excellent – down 4% from last week
O/I: Lost 16,765 positions in July futures

July down up 1 @ 14.72 & Nov down 17 @ 13.77
Similar to corn, soybeans down on the “hope” of cooler temps & rain on the horizon
Ending stocks for old crop and new still extremely tight – demand from China expected to linger
High temps in US northern plains & strong wind will accelerate drying
Beans rated 62% good/excellent – down 5% from last week
Palm oil poised for sharp rebound after dramatic selloff
O/I: Lost 13,064 positions in July futures

July wheat down 17 @ 6.57, July KC down 20 @ 6.07, July MNPLS down 7 @ 7.39
Wheat following corn’s lead with no new bullish news to carry it higher today
Heavy rains in Shandong China may have damaged unharvested wheat
Potential for extreme highs of 106 to 110 in SE Montana & 100-105 for SD & KS
Winter wheat rated 48% good/excellent – down 2% from last week
Spring wheat rated 37% good/excellent – down 1% from last week (81% last year)
Russian Ag group raises Russia 2021-22 wheat harvest from 78.5m tons to 81.1m tons
O/I: Lost 6,043 positions in July wheat & lost 3,098 positions in KC July wheat

July hogs down 0.92 @ 117.30 & July pork cutout down 0.90 @ 126.50
Packers did not buy a lot of hogs yesterday at lower cash
Hog futures have corrected their overbought status and traders may buy the break soon
Hog slaughter projected at 483K
Cash Lean Index for June 10: up 0.93, 120.84
O/I: Lost 1,855 for July hogs & June pork cutout gained 3 positions

Amberlee Bratcher