This week’s action:  

Corn Sep down 11 at $5.24

Beans August up 36 at $12.97

Feeders August down 2.675 at $239.075

Fats August down 1.20 at $171.925

Hogs June up 1.30 at $88.00


Corn Dec23 down 10 at $5.30

Beans Nov23 up 22 at $12.04

KC Wheat July down 12 at $8.00


Market Recap:

Report day as USDA released monthly crop production and WASDE report.

Major takeaways:

  1. USDA left projected yields alone – some traders thought with newer group of individuals in on those meetings, they could alter those yields with ongoing drought/precip conditions the corn belt has been experiencing, but that was not the case.
  2. Old crop exports were cut – trade was correct with their estimates in reduction of exports therein leading to a higher carry in.
  3. No major surprises – no major price action as a result of the report. Would call it neutral with attention moving back to weather and end of June Acreage Report.






The S&P 500 has advanced into a new bull market. On Thursday, the S&P 500 rose 0.6% and closed above the threshold that marks an exit from a bear market. The index is up 20% from its closing low last October. A 20% increase from a low is the standard measure for defining the end of a bear market. The Nasdaq is now up 30% from its closing low last December.

Major Commercial Grain company Bunge finalizing $30 billion-plus merger with Viterra. Bunge is putting the finishing touches on an agreement to merge with Viterra, a company in which Glencore is a shareholder, to create an agricultural trading giant worth more than of $30 billion, including debt, people familiar with the matter said on Thursday.

Binance US said it is suspending US currency deposits in the aftermath of the SEC lawsuit and its banking partners are preparing to pause fiat USD withdrawal channels as soon as June 13th.


Something that probably means nothing:

12 Oregon counties have voted to secede from liberal western Oregon and instead become a part of Idaho.  The measure would require the states legislature to approve it and an act of Congress, which doesn’t appear likely.  Liberals, who hold the majority in the Senate, refuse to give up the $170 million in revenue they earn from more “conservative” parts of Oregon.

The citizens and their representatives have become increasingly frustrated by the democrats on the western side of the state, especially after a new proposal that would give the homeless and drug users $1,000/month to stay on the streets.

Have a great weekend and we’ll keep praying for rain!