CBOT closing 21 Jun 2016

CBOT Jun21
Lastchanges
SMN393.3-9.4
SMQ393.5-8.6
SMU393.1-8.5
SMV391.3-9.1
SMZ391.5-9.2
SMF7387.8-9
SMH7371.2-7.7
SN1133.25-10.25
SQ1132.5-12.75
SU1117.75-18.5
SX1110.75-22
SF71107.5-23.25
SH71078.25-21.25
BON31.36-0.28
BOQ31.50-0.28
BOU31.64-0.27
CN396.25-25
CU402.25-24.5
CZ408.75-25
WN458.50-14.5
WU472.50-15
WZ493.25-14.25 is

Extended weather forecasts continue to call for rains across much of the
U.S. Midwest, dropping corn contracts limit down. Additional pressure came from
renewed buying in the U.S. dollar index, put a squeeze on commodities in general.

NASS weekly crop condition ratings is viewed as neutral to bearish for soybeans and corn."
- Soybeans are 96% planted nationwide, compared to 92% last week, 89% last year vs  93% 5-year average. 
- 89 % of the crop is emerged, compared to 79% last week, 81% last year vs 84% 5-yr avg.
- Soybean conditions declined slightly to 73% good to excellent, compared to 745 last week.
- Corn condition stayed steady at 75% good to excellent.
- Winter wheat is 25% harvested, compared to 11% last week, 17% last year and 28% on average. Winter wheat condition held steady at 61% good to excellent.
- Spring wheat is 28% headed, compared to 19% last year and a 14% average. Spring wheat condition declined to 76% good to excellent, compared to 79% last week.

Soybean futures are lower due to improved weather forecasts and spillover pressure from corn. Meal is lower and oil is flat to lower. If weather continues to improve, we may have printed our highs here in beans. The most important time for beans is late July and
August, which is why corn is getting hit harder today since the next six weeks are the most important for corn. Rain makes grain and widespread late June rains would be viewed as favorable for the crop if they verify. The front-month spreads are firm, indicating that commercial demand remains solid for beans.

USDA announced 40,000 metric tons of soy oil sold to China, 132,000 mt of soybeans to China, and 126,000 mt to unknown. On the July soybean chart, support is the 20-day moving average at $11.32, with resistance now the 10-day at $11.60.

Corn futures are lower with trade remaining soft due to rains in the Western Corn Belt overnight. The Eastern Corn Belt forecasts are for better rains this week as well. On the break, we filled the gap around $4.20 on the December contract, picking up stops below that level, giving us negative midday momentum. Traders will continue to watch forecasts with some concern about above normal temperatures. Ethanol margins should get a boost from the setback in corn.  There were no crop progress numbers with planting
viewed as complete, and pollination/silking the next numbers we will start to receive each week.