Thursday June 4, 2020

  • Trade is willing to address some weather risk premium given there is nothing currently built into the market and the trades overall short position wanting some coverage as planting wraps up
  • The next month may hold some potential for some weather rallies as planting wraps up and before the final acreage numbers are determined
  • Export numbers out this morning were nothing to excite all coming in near the lower end of expectations 
  • Another unknown sale of soybeans this morning also providing support that China is covering its needs for beans as Brazilian soybean prices rise as their real strengthens
  • Ontario planting moving along steadily 
    • Corn, estimated 98% planted as of May 31
    • Soybeans 88% planted