PDF Attached


Higher call seen for corn and soybeans, wheat to lose ground against those committees. Hard to call it, IMO, after a three-day US holiday weekend, but have a bias for a north open. LT, we see fund net long rebuilding across the ag space. CFTC COT corn position was well off expectations.


Soybeans 5-10 higher

Meal $2.00-$5.00 higher (see offshore values)

Soybean oil 20-45 higher

Corn 3-6 higher

Wheat 1-5 higher



USD was up 29 points and WTI 70 cents lower as of 12:39 PM CT.  Not much in the way of outside market influence for related products. However, Rotterdam meal was very strong following the rally in CBOT meal on Friday.




US net drying seen for the upcoming week. Here in Chicago, it was dry over the weekend. Elsewhere for the Midwest, scattered rains occurred. The trade needs a more definitive outlook on conditions post summer emergence but our observation for the upcoming USDA 7-day crop progress report is for crop ratings to decline for corn and soybeans after a lackluster rain event(s) for the “I” states over the weekend.  The US WCB finally saw rain, but amounts are not close to end drought conditions. NA weather improved for the Plains and Canadian Prairies, and concerns emerged for parts of the southern Delta. Rice may benefit from the heavy rains across the Delta, but other summer crops should be monitored for that area. 7-day past US weather suggests winter wheat harvest pressure but prices for Chicago wheat should be heavily influenced by corn and soybean price action.  Black Sea grain deal looks dead after Russia again said they may not extend it. 


By June 21, the EPA will roll out final decisions for US mandates (RFS) for 2023, 2024 and 2025. Perception is for higher advanced fuels partially offset by lower conventional fuel versus December proposal.


Iran passed on corn and soybean meal. Algeria started buying wheat. Japan passed on wheat and barley. Mauritius bought 6,000 tons of rice. Saudi Arabia snapped up 350,000 tons of wheat from overseas farms.


Fund estimates as of June 16 (net in 000)



June 17


June 18


June 19

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CFCT Commitment of Traders

The trade really missed it with the estimated net long position for the traditional and managed money net long position for corn.






Terry Reilly 
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18W140 Butterfield Rd.
Suite 1450
Oakbrook terrace, Il. 60181
Work: 312.604.1366
ICE IM: treilly1
Skype IM: fi.treilly




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