In this file:

 

·         Double Digit Gains for Corn Market

·         Bean Market Rallies Despite Lower Veg Oils

 

 

Double Digit Gains for Corn Market

 

Alan Brugler, Barchart

June 16, 2022

 

The Thursday session ended the day with corn futures 11 to 14 cents in the black. The July corn contract got back above the down trend line from the prior highs and retraced more than 62% of the drop from the contract high – now with both the $8 round number and the $8.09 prior high as the next upside targets. Though planting is, for all intents and purposes, over, the new crop soy/corn ratio faded back from the recent highs to 2.099:1.

 

Weekly corn bookings were 140,935 MT for old crop and 138,866 MT for new crop as per the Export Sales report. For old crop that was down 50% wk/wk, a MY low, and at the low end of expectations. For new crop, it brough total forward sales to 5.889 MMT going into the 22/23 season (+2.4% yr/yr). Old crop commitments were up to 59.663 MMT, or 2.348 bbu. That marks 96% of the USDA forecast for the year. Weekly data had the MYTD shipments at 78.9% of the June WASDE forecast.

 

more, including links

https://www.barchart.com/story/news/8771479/double-digit-gains-for-corn-market

 

 

Bean Market Rallies Despite Lower Veg Oils

 

Alan Brugler, Barchart

June 16, 2022

 

Soybean futures traded nearly 30 cents higher on Thursday, though the board ended the day with 15 3/4 to 19 3/4 cent gains. Soymeal led the rally with double digit gains of as much as $12.20/ton (2.9%). Soybean oil futures traded lower with palm and canola on the Thursday session, ultimately closing 1.5% to 1.7% in the red.

 

The CME Synthetic Soy Crush, which greatly understates soy oil’s share, was mostly firm as the bean strength and BO weakness offset the meal strength. Closing the day, the July spread was 75 1/2 cents/bu, and the new crop spread was $1.42 1/4.

 

Malaysian Palm Prices  stayed mostly firm near the 5,417 ringgit mark on Thursday, but futures are well off their +6,100 mark earlier this month. Canadian Canola Prices  were down $10.10 CAD/MT on the day, and are now 12% off their mid-May highs.  European Rapeseed Futures firmed up with 3.75 euro/MT gains, but are still down at 757.75 euros vs. the prior 870s.

 

Weekly Export Sales data showed 317,157 MT of old crop beans were sold during the week that ended 6/9. That was down 27% wk/wk but still nearly 5x the same week last year. Estimates were to see between 100k and 500k MT. Old crop commitments were 60.278 MMT, or 2.215 bbu as of 6/9. That is 2.1% above the June WASDE export forecast. Accumulated exports reached 1.866 bbu, or 86% of the forecast as of 6/9. For new crop, the FAS data showed 407,995 MT were booked during the week, near the top end of estimates and up from just 6.5k MT during the same week last year. The forward book sits at 13.105 MMT, a 73% increase from last year’s pace.

 

more, including links

https://www.barchart.com/story/news/8771483/bean-market-rallies-despite-lower-veg-oils