- July futures expire at noon (CDT) today.
- Energy markets are mostly lower with crude oil down 22 cents at 75.02/barrel.
- US$ turns lower, down 150 at 92.601, gold up 8 bucks at 1818 and the CD$ is up 0.00190 at 0.80075.
- DJIA up 19 at 34794, S&P up 5 at 4366, NASDAQ up 54 at 14919.
- Wall Street moves higher ahead of Fed Chair Jerome Powell’s testimony before Congress and optimism over earnings reports.
- The corn market traded lower on non-threatening weather conditions and concerns of slowing demand from China.
- China corn prices were up 17 ¾ cents.
- There were no deliveries against the July contract.
- Brazil's corn harvest near 21% complete compared to 36% complete this time last year.
- Ethanol production estimated near 1.050 million barrels per day.
- Spreads: U/Z 9 ½ inverse......Z/H 7 ¾ carry.
Outlook: lower start on favorable weather outlook
- The soybean market continues its move higher on tight stocks and strong vegoil markets.
- September palm oil closed up 44 at e,021 ringgit on expectations for increased exports and slowed output form virus lockdowns and lack of workers.
- China beans: No 1 down 8 ½ cents, No 2 up 24 ½ cents, meal up 2-3 bucks, oil up 87 points, palm up 56 points.
- NOPA soybean crush report for June is scheduled for tomorrow. Average trade estimate is at 159.5 million bushels of soybeans crushed (155.0-163.0).
- Spreads: Q/X 67 ½ inverse, X/F 3 ¾ carry.
Outlook: higher trade from strength in related vegoil markets
- The wheat market traded higher on dryness in the Northern Plains and Canadian Prairies, along with disappointing yields in early harvest reports in Russia.
- Dryness looks to stick around for the next couple of weeks.
- Egypt’s GASC tendered for wheat for September shipment. Lowest offer said to be that of Romania at $231.88/tonne.
- Spreads: Mpls U/Z 14 ¾ inverse, Kansas City U/Z 10 ½ carry, Chicago U/Z 8 ¼ carry.
Outlook: higher trade on crop concerns for the US and Canadian Prairies