News
Corn, soybeans and spring pivoted around unchanged overnight, while the winter wheat markets mildly favored the upside.
Soybean crop ratings took a small step backwards over the past week.
Corn inspections totaled 1.67 MMT during the week ended June 12, down slightly from the previous week but landed just short of the upper end of the pre-report range.
A lot of market-moving factors for markets to digest entering a typically volatile period.
Soybean futures are higher with corn and wheat futures under light pressure. Livestock futures are higher to start the week...
Grains saw relative weakness overnight while soybeans were supported by robust followthrough gains in soyoil following Friday’s limit higher close.
Trade and geopolitics at the top of traders’ watch list.
Short-term trend is bearish for soymeal.
Soyoil futures extended Friday’s strong gains that were tied to EPA’s proposed biodiesel mandate.
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The proposed biomass-based biodiesel mandates fueled a surge in soyoil futures.
Corn, soybeans and wheat each traded higher early in the overnight session, supported by strength in the overall commodity marketplace as Israel launched a widespread attack against Iran.
Israel strikes Iran, triggering oil supply concerns and surge in crude oil futures.
Cash grain prices remain mostly well under last year’s levels.
USDA made minor adjustments to their crop balance sheets today.
USDA kept its winter wheat crop estimate unchanged and made only modest balance sheet changes aside from cotton.
Minimal changes were made to wheat production. However, old- and new-crop corn and cotton ending stocks were trimmed from May.
Announcements on RFS levels and 45Z clean fuel credit imminent, possibly on Friday.