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Commentary

Grain Commentary By Jeff Thatcher

Monday June 17th
 
Corn: +1 ¾ to +5
 
After a sharply higher overnight trade, the corn market settled back and traded modestly higher throughout the daytime hours.  The July contract finished nearly 2 cents higher on the day and did trade lower for a short time.  December futures gained 5 cents on the day as corn spreads did weaken somewhat today.  The corn acreage questions along with the yield ramifications of a late-planted corn crop remain, continuing to add risk premium to the corn market.  Corn export inspections were reported on the lower end of expectations at nearly 26 million bushels.  This was the lowest loadings number since January as corn export demand has been hampered by lower values offered out of South America.  The late day progress report showed an estimated 92% of the corn crop has been planted. 
 
Soybeans: +16
           
Soybeans had a solid session with values trading moderately higher throughout the day.  Both the old and new crop soybeans gained 16 cents on the day while finishing very near the high.  The wet forecasts of for much of the belt have seemed to the trade’s attention to soybean planting.  Soybean products were mixed with soybean oil posting a solid gain with meal just slightly higher.  Today’s May NOPA report was disappointing with 154.8 million bushels reported crushed.  This was nearly 9 million bushels below last year and fell below the range of the trades estimates.  Soybean export loading were reported at nearly 25 million bushels in the morning report.  This was within expectations, but again the level needed to meet the current export estimate.  Today’s progress report showed soybean plantings at just 77% complete against the average of 93%.