TFM Morning Update 06-20-2023


  • Corn gapped higher on last night’s open with Dec corn getting through the 6-dollar mark but has slowly faded since and is now trading lower.
  • Rains over the weekend were spotty with decent coverage in Iowa but below expected and spotty rains in the rest of the Corn Belt.
  • Rain chances for Iowa, Illinois, and Indiana look light over the next 7 days, and temperatures are expected to get into the 90’s which could stress already low soil moisture.
  • Last week funds became buyers buying back 46,637 contracts leaving them with a net long position of 2,145 contracts.


  • Soybeans opened strong last night along with corn but have slipped since as funds take profits and producers who received decent rains made cash sales.
  • Goldman Sachs downgraded their forecast of Chinese GDP growth which traders think could curt soybean demand.
  • Deferred soybean meal contracts turned lower overnight as well as soybean oil, but crude oil is unchanged so far on the day.
  • Funds were buyers of soybeans by 33,901 contracts last week increasing their net long position to 47,882 contracts.


  • Wheat futures are lower this morning along with corn and beans but have not seen the rally corn has enjoyed and has remained in a sideways trading range.
  • Weather has not been supportive for wheat futures as the southern Plains have received plenty of rainfall over the past month and the Dakota’s as well for spring wheat.
  • Russia has stated that the Ukrainian export corridor will not be extended, but at this point traders have heard this so often it has become an idle threat.
  • Funds were buyers of wheat last week by 6,044 contracts, reducing their net short position to 113,430 contracts.


Amanda Brill

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