Weather and supply reports move corn, wheat, soybeans

Grain & OIlseeds Report

Corn: Overnight traders left this market very close to a key level and the day session sold back from that level without looking back for the rest of Monday. That 573 3/4 will still be the number to watch. Bulls simply want more of the same, looking for continued rains in the forecast along with strong support in the bean market. Bears are looking for some break in the weather with hopes that the sun will eventually shine. Bulls have 40 cents before hitting the much anticipated 600 resistance level while bears have 48 cents just to fall back down to recent lows of 512…Ryan Ettner
 
Soybeans: The trade anticipated soybean planting to come in at 57% planted Monday. The five-year average for plantings is 74%. Plantings came in at the anticipated number of 57% planted. Soybean inspections came in at 4.440 million bushels within the expected range of 2.0 to 6.0 million bushels. It was also reported that Brazil’s bean exports reached a record amount in May as they shipped 7.95 million tonnes of beans. This was up from 7.15 million tonnes in April. The Goldman Roll starts on Friday, and Deutsche Bank starts its roll tomorrow. The near-term weather forecast will be the biggest dictator on the beans not directional move…Jim McCormick  

Wheat:

  • The wheat complex finished the day stronger on concerns over U.S. crop conditions along with a sharply lower U.S. dollar. 
  • Winter wheat good-to-excellent ratings came out at 32%, which is a 1% improvement from last week. Spring wheat plantings are 80% complete compared to the five-year average of 92%. 
  • July Minneapolis wheat rallied through the 100-day moving average, but was unable to hold that level…Alex Bassett 
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