In this file:

 

·         Soymeal Rallies But Soy Oil Hurts Beans

·         Red Close for Corn

·         Beans Fractionally Mixed

 

 

Soymeal Rallies But Soy Oil Hurts Beans

 

Alan Brugler, Barchart

Jun 17, 2022

 

The CBT soymeal futures ended the Friday session with $5.80 to $8.40 gains. Front month bean futures ended the session with 5 1/2 to 8 3/4 cent losses on a near ~30 cent ranged day. For the week, July soybeans were down by 43 1/2 cents. November was 31 1/4 cents weaker through the week. Red November soybeans for 23/24 output were only down 9 1/2 cents from Friday to Friday. Front month soybean oil futures continued their slide with losses of +3% on the day. For the week, July BO was down more than 8%. USDA saw the B100 cash price in IA at $7.54/gal during the week that ended 6/17. That was down from last week’s $7.79/gal quotes.

 

Weekly CoT data showed that soybean spec traders were 163,146 contracts net long as of 6/14. That was a 4,218 contract stronger net long wk/wk mostly via short covering. The commercial soybean traders added hedges, with a 22.1k contract boost to OI and a 1,329 contract stronger net short. In soymeal the managed money funds were closing longs for a 712 contract weaker net long of 52,457 contracts. BO specs weakened their net long by 5,827 contracts through the week to 62,996.

 

Planalytics sees the national average soy yield reaching 51 bpa according to their latest data. They have IA up from 57.7 to 58.1 bpa, with IL at 60.4bpa.

 

more, including links

https://www.barchart.com/story/news/8788788/soymeal-rallies-but-soy-oil-hurts-beans

 

 

Red Close for Corn

 

Alan Brugler, Barchart

Jun 17, 2022

 

Closing ahead of a 3-day weekend, the corn board was 3 3/4 to 4 3/4 cents in the red. The July contract stayed 11 1/4 cents higher for the week while December corn futures closed out 10 1/2 cents above last Friday. July is still a 53 1/2 cent premium to the December contract. The Dec to Dec spread had 2023/24 corn at an 86 cent discount, compared to 85 cents in mid-May and near the 77 1/2 cent spread December to December at the same time last year (’21 to ’22). July options expire next Friday.

 

USDA’s weekly average corn oil price was 76.17c to 77.50c/lb regionally. That’s mostly higher from the 76c to 78.2c prices last week. Cash ethanol prices were $2.74/gal through the week with regional variance, compared to $2.72/gal lat week. The USDA saw the week’s DDGS FOB bids from $290-$302/ton in the gulf and $332 in the PNW for the week though 6/17. That was steady to $5/ton lower wk/wk.

 

CFTC’s weekly CoT report showed managed money funds were rotating from shorts back into longs in corn through the week that ended 6/14. That left the group 13,858 contracts more net long, to 278.2k contracts, on just 46 fewer spec positions in play. The commercials were adding hedges through the week, with the 13,160 contract OI boost taking their net short just 746 contracts lower.

 

USDA reported two large private corn sales this morning, with private exporters having sold 144,907 MT of new crop to Costa Rica and 105,644 MT of old crop to unknown destinations.

 

Planalytics estimates the national average corn yield at 177 bpa, after raising their figure for IA 0.5 to 201.1 and IL by 0.7 to 201.2 bpa.

 

more, including links

https://www.barchart.com/story/news/8788784/red-close-for-corn

 

 

Beans Fractionally Mixed

 

Alan Brugler, Barchart

Jun 17, 2022

 

Soybean futures are fractionally mixed at midday, with July the weakest at a 2 1/4 cent loss and the Nov contract up by 3 1/2 cents. So far through midday, July beans have a 23 cent range. Meal futures are off their earlier session highs but are still $6.70 to $7.50/ton higher at midday. Soybean oil futures are trading another triple digits weaker so far. USDA saw the B100 cash price in IA at $7.54/gal during the week that ended 6/17. That was down from last week’s $7.79/gal quotes.

 

Planalytics sees the national average soy yield reaching 51 bpa according to their latest data. They have IA up from 57.7 to 58.1 bpa, with IL at 60.4bpa.

 

more, including links

https://www.barchart.com/story/news/8783489/beans-fractionally-mixed