COMMENTARY 6/23/17

CORN

DOWN 5

We’ve gotten down to levels now that we haven’t seen since Sep 16.  Mild weather this next week but showing rain accompanying heat starting in July.  The NW corn belt has been drawing on their subsoil moist with below normal precip the past month.  Next week’s rain will be especially important to them.  Adding additional volatility next week will be the June 30 acreage/stocks report.

 

BEANS

UNCHANGED

Down 34 cents for the week with good growing conditions and bean vessels trickling out of SA.  The BA Exchange ests Argentina’s crop at 57.5 MMT, with harvest 98% complete.  Export buyers are bearish and buying hand to mouth or the lack of front end exports out of S America as farmers were not selling.  We may see a long tail on their export program.  Managed money has been getting shorter

 

WHEAT

DOWN 1

Ongoing concern over HRS shortfalls continues.  Harvest continues to move N and protein values are very inconsistent.