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Grain Commentary By Jeff Thatcher

Monday June 18th
Corn: -5 ¼ to -5 ½

Corn was again pressured today, trading lower much of the session before ending with a moderate loss.  The July contract finished just over a nickel lower today as is again made a new contract low.  New crop values were also over nickel lower as they too traded below the contract low from August of 2016.  Wheat was also lower with nearly double-digit losses helping to weigh on the corn market.  Weather forecasts remain favorable with temperatures expected to moderate with chances for rains across much of the corn-belt this week.  Export uncertainty remains, helping to weigh on the market as relations with Mexico remain tense as the Chinese negotiations continue.  Corn demand has continued to be srong with today’s export inspection report showing another solid week of loadings.  Over 65 million bushels were loaded for export, once again above expectations.  The late afternoon conditions report showed the corn crop rating increase to 78% good/excellent.
Soybeans: +3 to +1
The soybean market ended the day just modestly higher after trading both sides of unchanged throughout the session.  July soybeans ended the day 3 cents higher, but over a dime above the day’s low.  The nearby soybean contract traded below the $9.00 level today for the first time since March of 2016.  New crop soybeans gained a penny on the day, but did also make a new contract low early in the day.  Soybean products were mixed on the day with soybean meal continuing to slide, but remains well above the contract low.  This morning’s export inspection report was supportive with just over 30 million bushels of soybeans loaded for export.  This was above the market’s expectations and the 2nd highest total of the last 14 weeks.  Non-China destinations were the bulk of the loadings as the Chinese tariffs have shifted some late season demand back to the US due to higher basis levels in Brazil.  Funds were estimated to buy 8,000 soybean contracts on the day, but likely have a small net short position currently.