Michaela White

Jun 8, 2021

Highlights

  • On Thursday, June 10th at 11:00 AM Central the next WASDE report will be released. The CHS Hedging convenience table with trade estimates for the report is available here.
  • Outside markets as of 4:15 Central: July crude oil at $70.03 up $0.80; Dow futures at 34,586 down 30 points; US Dollar Index at 90.121 up 0.171; gold at $1,893.10 down $3.70.   

Corn

Corn traded higher today, shrugging off early weakness in old crop as the day wore on. The market continues to focus on weather concerns and the potential for dwindling stocks in the U.S. The average trade estimate for 21/22 grain stocks on Thursday’s report is 1.423 billion bushels, down from 1.507 billion bushels in May.

  • Closes: July at $6.82 ¼ up 3; September at $6.28 ¾ up 7 ¾; December at $6.10 ¼ up 7 ½.
  • Spreads: N/U 53 ¼ cent inverse; N/Z 72 cent inverse; Z/H 5 ½ cent carry.

Oilseeds

Soybeans traded higher today after the USDA provided crop conditions that were lower than the trade anticipated. Weather continues to provide volatility for the market as the 21/22 ending stocks are projected to be tight, although the trade estimate for Thursday’s report is anticipating a slight increase of 6 million bushels to 146-million-bushel carryout.

  • ANEC predicted that Brazil’s soy exports for June could be 11 million tonnes, and their soymeal exports could be 1.96 million tonnes.
  • Egypt’s GASC purchased 60,000 tonnes of soyoil in a tender for a reported $1,299 a tonne.
  • Closes: July at $15.83 up 22 ¾; August at $15.42 up 19 ¾; November at $14.59 up 19.
  • Spreads: N/Q 41 ¼ cent inverse; N/X 124 cent inverse; X/H 25 ¼ cent inverse. 

Wheat

Winter wheat traded higher today while spring wheat was lower. July Chicago wheat found technical support at its 50-day moving average of $6.80, tempering any declines following yesterday’s better than anticipated crop conditions. Minneapolis wheat continues to feel pressure from weather forecasts showing rain in the Northern Plains and Canadian Prairies.

  • Algeria’s OAIC purchased approximately 400,000 tonnes of optional origin milling wheat for between $297.50 and $298 a tonne c&f .
  • Jordan issued a tender to buy 120,000 tonnes of milling wheat from optional origins with a deadline of June 22nd.
  • July closes: Chicago at $6.86 up 6; Kansas City at $6.33 ¾ up 3 ¾; Minneapolis at $7.69 down 16.
  • Spreads: Chicago N/U 6 ½ cent carry; Kansas City N/U 8 cent carry; Minneapolis 5 cent carry.