6/7/2022

Movements were mirrored in corn and soybeans overnight with corn trading steadily lower and soybeans steadily higher.  Buying interest came alive around the 7:30 hour sending corn and soybeans both sharply higher despite a better-than-expected crop planting progress and condition report for corn.  Report highlights:  corn: 94% planted (93% trade, 86% week ago, 98% year ago, 92% avg), 78% emerged (61% week ago, 89% year ago, 81% avg), 73% good/excellent (68% trade, 72% year ago); soybeans: 78% planted (80% trade, 66% week ago, 89% year ago, 79% avg), 56% emerged (39% week ago, 74% year ago, 59% average).  Today's price action was just another reminder that the fund/spec money is firmly in control of this market despite any effect fundamentals should have on our futures price levels.  Rumors were swirling today that China had come in to make some purchases on last week's big price break.  We will get some fresh fundamentals Friday with the June WASDE report but history shows this report is typically uneventful for the market.  Trade will likely be content to sit and wait on the grain stocks and acres reports at the end of the month. 

The November 22 soybean contract is starting to put together a bit of bullish look on the weekly continuous chart while continuing to trade around levels not seen since harvest of 2012. Oddly enough, a breakout either direction would be likely the same week as our grain stocks and acres report at the end of the month.