CBOT Jun28
Lastchanges
SMN392.4+8.4
SMQ393.5+8.5
SMU392.1+8.7
SMV389.4+7.8
SMZ388.9+7.4
SMF7385.2+7.1
SMH7368.3+6.7
SN1150.5+17.5
SQ1146.25+16.5
SU1130.25+16.25
SX1120.25+15.5
SF71116.75+15.25
SH71080.75+16
BON31.11-0.15
BOQ31.25-0.15
BOU31.39-0.14
CN385.25+0
CU388.75-0.5
CZ394.25+0
WN443.75-3
WU457.25-1
WZ477.00-1
Prices are higher across the board this morning as we get closer to the end-of-month and the June 30 stocks/acreage report. Crop progress was released last night, in which bean conditions dropped 1% to 72% good/excellent. In the meantime, corn conditions remain stable at 75% good/excellent, unchanged from a week ago. That beat expectations given the heat and dry weather that has been prevalent over the last week. But at issue is the fact that topsoil ratings have declined nationally, meaning any period of dry weather would begin to actively impact the corn and bean crops.
The higher prices this morning along with "blow-off" bottoms suggests we now have our comfort zones heading into the June 30th report. The bean market pretty much blew off the weight of the macro world as each report has gotten increasingly bullish with lower carry-out numbers.
Exports and weather still hold the key to the future of each of these markets and both are fairly positive this morning. Corn and bean exports still remain robust, and the weather in July appears to still feature above normal temperatures.
Prices started the day higher but that strength seemed to fade with volume throughout the session. Wheat and soyoil futures were the weakest charts today in terms of price action.
November bean and meal prices started the morning at session highs but also found selling interest as prices held throughout the morning. Other features of the day included continuing strong inverses with August/Nov bean spreads trading to 27 1/4c. By midday, soyoil futures started to break down trading from 30 higher to lower on the day, taking oilshare back under the 29% level. Dec oilshare traded down to .2880% with crush vales also finding pressure.
Grains started the day on a higher note but by midday corn values were lower. Kansas City values continue to weigh on CBOT, as harvest pressure continues. SEp KC wheat traded to another new low of 4.29 1/2c. Spreads were also weaker with Sep/ Dec corn trading out to a 5 1/2c carry. Corn continues to run into commercial pricing interest as funds liquidate length on rallies of size.
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