Early Market Talk June 26, 2020

Emtheader

Big corn volume yesterday with 677K contracts trading. Open interest up 27K indicating new shorts as technical picture continues to break down. April 29th low of $3.09 ¼ an obvious target?

At 0600 CN20 able to recover a penny trading $3.18 ¼ on volume so far of just over 13K. SN20 unchanged at $8.69 ¼ with just over 4K contracts trading. KC wheat a ½¢ higher at $4.30 ¼.

Dow futures off 50 points at 25,549. Crude 19¢ higher at $39.91. US $ Index showing a modest decline but remains higher on the week.

First notice day on July futures next Tuesday. All longs need to be closed out by close of business Monday to avoid any possibility of delivery. No corn or soybean deliveries expected with no registrations yet posted. Soybean DVE positive by 3¢. Corn 2¢ below cash values.

Light rains moving through Iowa, S MN, WI and N IL this morning. More on the way. Portions of SW Iowa continue to miss out. One step closer to a large corn and soybean crop all but made. Price seasonal loom large.

New crop corn spreads started to relax on the break late yesterday after some head scratching early tightening. CUCZ at 7 3/34 with CZCN at 25 ¾ this morning.

NASS stocks and acreage data next Tuesday. Average estimates for corn stocks 4.951 billion bushels, soybeans 1.392 bb, and wheat .980 bb. Acreage numbers expected; corn 95.207 million acres, soybeans 84.716 million, and all wheat at 44.718 million.

Funds sellers of an estimated 20K contracts yesterday and now net short 309K. Sellers of 3K soybeans and net long 19K. CFTC updates this afternoon.

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