Written Commentary
I will be out traveling next week. I will resume daily comments on Monday June 30th.
Ag Fundamentals:
Despite this morning export sale strong corn demand, July Corn slipped to an 8-month low today as favorable US weather is giving record crop vibes. Argentina is also progressing nicely in their corn harvest, now over 50% complete.Argentina bean harvest is nearly complete at 97%. Soybeans are losing steam gathered from last Friday’s EPA announcement of increased biofuel blending. Soybean meal prices are keeping competing corn and wheat protein blends in check. Right now, the most important upcoming report is the June grain stocks and acreage report. The report will be out on Monday June 30th, at 11:00am CST.
“Feelin’ Hot Hot Hot” Tomorrow’s highs are expected to reach over 100 degrees in the heart of the corn belt.
Expected Rainfall Between now and July 5th:
Calendar Spreads and Cost of Carry
Spread | Last | Chg | Full | % of FC |
CN25/CU25 | 3 1/4 | -1 1/4 |
|
|
CU25/CZ25 | -15 3/4 | – 3/4 | -30 3/4 | 51% |
SN25/SQ25 | -3 1/2 | -1 1/2 |
|
|
SQ25/SX25 | 10 3/4 | +2 1/4 |
|
|
SN25/SX25 | 7 1/4 | +3/4 |
|
|
MWN25/MWU25 | -18 | -2 3/4 | -21 1/4 | 85% |
WN25/WU25 | -15 3/4 | +1/2 | -16 1/4 | 97% |
KWN25/KWU25 | -15 1/2 | – 1/4 | -16 1/4 | 95% |
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