Corn up 2
Beans up 1
Corn traded down most of the overnight mostly due to profit taking after yesterday’s run-up but are up higher on the break, limiting profit taking is the rain hitting the corn belt, more than likely ending corn planting. Yesterday, the July corn contract closed 11 ¾ cents higher, settling at $4.27 ¾, and the December contract was 12 ½ cents higher closing at $4.47. In the WADSE Report yesterday, trade was a little taken back by the USDA lowering yield by 10 bushels an acre to 166 BPA, but the 3 million acres reduction was expected, and trade believes June Acres Report will cut more acres. After the changes in the production and demand, U.S. corn ending stocks took an 81 million bushel reduction for 19/20. We saw a lot of offers trigger at the top end of the trading yesterday and Bonus Premium levels continue in the 4.50-5.00 range.
Yesterday, the July soybean contract closed ¾ cent higher settling at $8.59 ¼, and the November contract was 1 ¼ cent higher closing at $8.87. The WADSE Report yesterday was mostly unchanged from May with no reduction in yield or acres, and reduction in demand, bringing stocks for 18/19 over billion bushels. Trade will have to wait for the Planting Report at the end of June to know how many fields were planted or took prevent plant, and trade on weekly crop condition reports. Beans struggle to be bull with a cut in demand because of the lack of a Chinese trade agreement and still some time to plant beans. Beans traded mostly lower on the overnight without corn or wheat supporting them but are up 1 on the break.