Midday Update June 15, 2023

The CME and Total Farm Marketing offices will be closed
Monday, June 19, in observance of Juneteenth

All prices as of 10:30 am Central Time

• The USDA reported an increase of 10.8 mb of corn export sales for 22/23 and an increase of 0.8 mb for 23/24.
• Both the European and American weather forecast models have a drier forecast over the next 10 days. If the pressure ridge breaks down, it should allow moisture from the Gulf of Mexico into the Corn Belt, but weather should be dry for at least another week.
• Chinese corn production still looks to be on track at 11.0 billion bushels. Also, on their Dalian Exchange, November corn is near one-year lows.
• Brazil has not had reports of significant frost damage to their crop, despite the recent cold temperatures.

• The USDA reported an increase of 17.6 mb of soybean export sales for 22/23, and an increase of 1.8 mb for 23/24.
• The Rosario Grain Exchange reduced their estimate of the 22/23 Argentina soybean crop by 1 mmt (to 20.5 mmt).
• July soybean oil closed above the 100 day moving average yesterday. This is the first time this has occurred in 2023.
• Malaysian palm oil futures are higher for the third day in a row, giving a boost to soybean oil (and soybeans).
• Today, the market will get NOPA crush data. Expectations are for May crush at 175.8 mb.

• The USDA reported an increase of 6.1 mb of wheat export sales for 23/24.
• There will be some rains in France and Germany, which is pressuring both Matif rapeseed and wheat futures.
• Higher corn and soybeans are offering a boost to the wheat market. At midday, all three US wheat futures classes have double digit gains.
• The Russian government reportedly set an export floor price for wheat at $240 per ton, for July – August.
• Taiwan flour millers are reported to have purchased 56,000 mt of US milling wheat.

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