The End of Planting Season

Corn futures mostly range bound
NOPA soybean crush will be out today
Chicago Wheat futures have been under pressure
Grain futures market update

Grain futures market update

Corn (July)

Corn futures caught a bid in the back half of last week’s trade but remain mostly range-bound as market moving news has been hard to come by. Friday’s Commitment of Traders (COT) report showed funds sold a net 15,666 contracts, extending their net short position to 301,873. Crop progress will be released after the close, analysts are expecting to see 100% of the U.S. corn crop planted, good/excellent conditions are expected to come in near 76%, 1% higher from last week. 

Soybeans (July)

Soybeans finished Friday’s session at the highest closing price since the end of March as funds continue to wade into a bigger net-long position. The latest COT report showed funds bought a net 11,998 contracts through June 9, extending their net long position to 19,132 contracts. Crop Progress will be released after the close, analysts are expecting planting to be 95% complete, with a good/excellent rating of 74%. NOPA soybean crush will be out at 11:00 a.m. CT. Analysts are looking for 173.04 million bushels.

Chicago Wheat (July)

Chicago Wheat futures have been under pressure for the better part of the last 2-months as funds continue to add to their growing net-short position. Friday’s COT report showed funds sold a net 12,316 contracts, extending their net short position to 22,128 contracts. Crop Progress will be out after the close, spring wheat planting is expected to be 100% complete. 

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