TFM Morning Update 06-26-2023


  • July corn is trading slightly higher while the deferred contracts are lower following weekend rains and the beginning and end of a military coup in Russia.
  • This weekend, beneficial rains fell in a good portion of Iowa and Indiana, but only covered the Northern portion of Illinois.
  • The 7-day forecast shows wide coverage over the Corn Belt, but those rains are slated to fall over the weekend again which is still a ways off and will need to materialize.
  • Funds were net buyers of corn last week increasing their net long position by 56,000 contracts to 58,000 contracts.


  • Soybeans are trading higher this morning along with both soybean meal and soybean oil due to worries about veg oil exports from Ukraine being closed off.
  • As soybean conditions worsen in the US and drive domestic prices higher, it has also had an effect on global markets with Brazilian prices rising as well.
  • India’s oilseed exports are expected to grow by 10 to 15% this year as orders from Southeast Asia, Latin America, and Africa increase.
  • Funds were net buyers of soybeans last week and their net long position was increased to 77,000 contracts.


  • Wheat is trading higher this morning after the Wagner group in Russia began a military coup this weekend and marched towards Moscow, but once they were a few hours from the city, the leader agreed to leave for Belarus in exchange for charges being dropped against him.
  • The begin and end of this insurrection combined with the apparent end of the Ukrainian grain deal next month has been supportive of prices.
  • China has been experiencing excess rainfall in their wheat growing regions which has been another bullish factor.
  • Funds were buyers of wheat last week by 29,296 contracts, reducing their net short position to 84,134 contracts, still a very short position.


Amanda Brill

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