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While corn prices rallied 22% from March 31 to June 1, soybean prices dipped 3%, lifting corn planting intentions at the expense of soybeans, according to FBN’s survey work.
The spring wheat CCI rating is now 91.1 points below its five-year average.
After the Bell | June 21, 2021 Soybean futures rally on China purchases, corn lower on Midwest rains, hogs extend slide.
Refinitiv Commodities Research says trade flow data signals China will likely import 11.6 MMT of soybeans during June, which would be an all-time monthly high.
Find more updates to our short-term, intermediate- and long-term trends for commodity and key outside markets.
Corn inspections were also solid, with last week’s tally revised roughly 66,500 MT higher.
Grain and soy futures are under hefty pressure to start the week in response to weekend rains. Live cattle futures are quite as hog futures extend recent losses.
Grains, soybeans expected to drop sharply as weekend rain aids Midwest crops.
Midwest rains are weighing on grain and soy futures. Chinese imports of Brazilian beans picked up in May. And Biden’s opposition to a gas tax proposal and Democratic infighting could derail latest infrastructure effort.
Davis Michaelsen brings in the big guns and talks with Chip Flory after a wild week of trade...
After the Bell | June 18, 2021 Corn, soybeans surge amid lingering Midwest dryness, cattle up on firm cash market.