Corn bulls wary, while soybeans are bearish long term

Grain & OIlseeds Report

Corn: Old crop traders will need to keep a close eye on not only July corn futures but also the spreads for moves to resistance. If July breaks out but the spreads don’t, it would not be advised to get too bullish in the July corn just yet. For the short term, look for corn to continue seeing general support, if not a small bounce, with spread traders offering the most active movements. Approaching the June 28 report, look for more general corn support…Ryan Ettner
 
Soybeans: Monday's crop rating showed that 85% of the crop is now in the ground. The trade was looking for 86% of the crop to be planted. We usually have 92% of the crop in the ground by this time. The first good to excellent rating for beans was released Monday, showing that 64% of the crop is rated good to excellent. This was in line with the trade’s expectations. Allendale has a long-term bearish view of for the new crop beans and is currently looking for a “fall low” at the $10.54 level so we continue to recommend producers take advantage of rallies to get more downside coverage…Jim McCormick.  

Wheat:

  • Weekly wheat export inspections came in at 21.592M bu, which was in line with the estimates ranging from 18-25M bu. Japan is still not extending any tenders for US SRW.
  • The USDA has given foreign trading partners a test to check wheat imports for traces of GM wheat. USDA claims the GM wheat found in Oregon was an isolated incident…Alex Bassett
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