Early Market Talk June 1, 2021

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Corn gapped higher overnight and trading in positive territory all night top this point. At 0630 CN21 $6.68 up 11 1⁄4¢ on vol of 27K. SN21 14 1⁄4¢ higher at $15.44 1⁄2 up 14¢. Corn has seen an 11¢ high to low range and soybeans 11¢.

Dow futures 241 points higher at 34,752. Crude almost 2 bucks higher at $68.24. US $ Index giving up some ground this morning. 

Weekly crop progress reports this afternoon will include the first condition report on corn of the year. Expected between 70 – 75% G/E. Initial soybean condition rating next week. 

Window view of portions of SC IA fins well under 70% of the corn G/E. Lot of pale looking corn this weekend. We all know what it needs. How about your area? 

June WASDE Supply – Demand reports the 10th. No production changes (acres or yield) expected. 

CFTC data Friday showed Fund’s net long 268K corn and near 50K larger than expected. We have them estimated net long 283K as of Friday. Net long in soybeans estimated at 139K contracts. 

Corn open interest up near 10K contracts Friday. OI up in the previous 8 sessions. 

Soybean trade volume Friday was just 129K contracts. The lowest volume total of the calendar year to date. 

JBS USA was the target of an organized cybersecurity attack, affecting some of the servers supporting its North American and Australian IT systems. 

SXSF trading even money to a 1⁄4¢ carry this morning. 

Morning weather headlines - Dry weather for the north central U.S. this week. Forecast trends warmer and drier since Friday in the central U.S. Warmer and drier weather for the Canadian Prairies this week. 

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