The USDA said 92% of the corn crop is planted vs 84% on average. The crop was also rated 69% good to excellent.
In the face of the national 69% GTE rating, areas of the central and eastern Corn Belt will need more rain.
The December corn daily futures chart is possibly forming the right shoulder of an inverted head and shoulders pattern. If it solidifies, it could point to a price recovery.
July corn on Brazil’s Bovespa Exchange is trading around the equivalent of $4.54 per bushel.
The USDA said 83% of the soybean crop is planted vs 65% average.
July soybeans on China’s Dalian Exchange hit the lowest level in two years due to concerns about demand. That contract is now around the equivalent of $14.53 per bushel.
July soybean meal hit the lowest level since August of 2022.
Palm oil is lower due to talk of better production, India possibly increasing their import duty, and potentially lower China demand.
The USDA rated the winter wheat crop at 34% good to excellent vs 31% last week.
The USDA said the spring wheat crop is 85% planted vs 86% average.
Kansas winter wheat is still struggling, even with recent rains. Their crop is rated 69% poor to very poor.
The US Dollar Index continues to trend higher, which may limit upside potential for wheat as it makes it more expensive for importing countries.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
