Good crop conditions pressure soybeans, corn
Soybeans were lower on fund and technical selling. Planting and emergence are both ahead of average, and even with a slight decline, the crop is in good shape right now. Additionally, traders are getting ready for the acreage and quarterly stocks numbers from USDA out on the 30th. Soybean meal was lower and bean oil was higher on the adjustment of product spreads.
Corn was lower on fund and technical selling. 74% of this year’s U.S. corn crop is rated good to excellent, a little bit less than last week, but still looking pretty solid overall. That said – the trade’s keeping an eye on flooding in parts of Iowa and Minnesota. Ethanol futures were lower. The first notice day for July grain and oilseed contracts is Monday, June 30.
The wheat complex was lower on fund and technical selling. Even with some recent delays in the Plains, the winter wheat harvest is ahead of average at 33%, and while hard red winter quality continues to be dismal, that’s a known. Flooding’s an issue in the Northern Plains, but spring wheat’s still in really great shape, at 71% good to excellent.
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