Early Market Talk June 9, 2021


Corn and soybeans on both sides of unchanged overnight but the lion’s share of time in negative territory. At 0600 CN21 off 7¢ at $6.73 and has seen a 12 1⁄2¢ high to low range. SN21 off 10 1⁄4¢ at $15.69 3⁄4 and has seen a 23 1⁄4¢ range. MN Wheat off a sharp 19 3⁄4¢ at $7.51 1⁄2. KC and Chi also lower.

Some decent rains past 24 hours in ND and perhaps a little more coverage than forecast. Still, a lot of areas missed out and needing more soon. Some rain forecast for that area tonight through Friday. 

Dow futures a scratch lower this morning at 34,551. Crude just above unchanged at $70.22. US $ Index near steady. 

Big corn and soybean trade volume in each of the previous two sessions. Total two-day volumes for each the largest since late April. Corn two-day total at over 1.2 mln contracts and soybeans over 642K contracts. 

Quick look at Wk / Wk soybean crush margin later this morning. 

WASDE monthly Supply / Demand reports tomorrow. Again, not much change expected on US balance sheets. All eyes on South American production and internal Chinese numbers. 

Trade has over a 13 MMT spread between the high and low Brazil corn estimate. 

Old / New corn and soybeans have been on a two-week dive. Taking some of that back this morning. CNCZ up 7 1⁄2¢ with SNSX moving 4¢. 

Market noise the U.S. imported 0.9 MMT of Brazilian soybeans in May and another 116,000 MT is in the lineup for June. 

Morning weather headlines - Storms in North Dakota yesterday, forecast remains uncertain. Wet winter wheat areas, dry spring wheat areas in Black Sea. 15-day forecast remains hot in the Plains and western Midwest. 

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