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Grain Comments  06/21/24 7:57:40 AM

June 21, 2024   


Morning Comments:

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Good morning. Grain and soybean markets traded higher overnight, led by soybeans which are trying to rally after new crop months fell to their lowest levels in over a year.  Energy markets are mostly lower, although losses are mostly small. August crude oil is 16 cents weaker at 81.13. The Dollar Index is 0.153 firmer at 105.380. The two main weather models offer diverse opinions regarding U.S. Midwest weather the final week of June and the opening week of July. The GFS is forecasting cooler temperatures along with above normal rainfall while the EU model thinks the heat and dryness will persist into early July for all but the northwest corner of the corn belt. A front will move through the middle of the Midwest Saturday night bringing a 50% chance of  a half inch to an inch of rain for the northern half of Illinois and northern Missouri, but amounts will decrease as the front moves south. Cooler temperatures and chances for rain are forecast for the middle of next week. The important Quarterly Stocks and Planted Acreage reports will be released by NASS a week from today. Weekly export sales are listed below. 23/24 soybean sales were 48% higher than a week ago and 89% more than the prior 4 week average. Still no new crop soybean sales to China have been booked. Markets, particularly soybean and wheat futures, are oversold, but buyers are cautious as a pattern change back to cooler and wetter would likely bring out additional selling. Midday weather updates will be closely watched. Have a good Friday.

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