CBOT closing 22Jun2016

CBOT Jun22
Lastchanges
SMN391-2.3
SMQ391.9-1.6
SMU391.8-1.3
SMV390.4-0.9
SMZ391-0.5
SMF7387.5-0.3
SMH7369.3-1.9
SN1137.5+4.25
SQ1137.25+4.75
SU1123.75+6
SX1116.75+6
SF71114.25+6.75
SH71077.75-0.5
BON31.55+0.19
BOQ31.69+0.19
BOU31.84+0.2
CN393.00-3.25
CU398.25-4
CZ404.00-4.75
WN458.75+0.25
WU472.25-0.25
WZ493.00-0.25

Soybean futures are higher at midday with some light buying surfacing after the early week pressure. Upside momentum appears to have stalled. The forecast should boost growth with planting effectively wrapped up for first crop soybeans with the forecast showing better moisture for double crop areas this weekend. Heat looks to be more confined to the west for now. Ahead of the month-end report, more speculation about greater soybean acres should surface with the price spreads this spring. On the November soybean chart support is the 20-day moving average at $11.15, with resistance now the 10-day at $11.39.

Corn futures are flat to lower with position-squaring following the big break the past two days. Overnight we found support at the 50-day moving average which was nearly 45 cents below the highs printed last week. This is quite a break and brings us back to the middle of our 2016 trading range of about 90 cents. Trade will continue to watch from forecast to forecast with some concern about above normal temperatures continuing. The weekly ethanol production report showed production down 5% after record production last week, while stocks were down .3%. Ethanol is up 2 cents following the weekly EIA numbers at midday with unleaded down a penny due to weaker crude oil trade.

Wheat futures are narrowly mixed across the three contracts, with direction from the row crops providing some light support with harvest pressure likely building late in the session. Trade put in new contract lows again this morning on the KC contract. The winter wheat harvest will move along fast this week with warm weather and limited moisture for most of the belt, and yields have been very strong so far. World conditions remain good for the most part with India likely returning to the import market this summer.