Tuesday June 7, 2022

• Markets continue to trade both sides of unchanged – so far a narrower trade range than we have become accustomed to but we will see if trade becomes more drastic as the day goes on 
• Wheat continues to ride the waves of progress in the Black Sea – one step forward one step back based on the tone of the day coming from Russia 
• U.S. crop progress and conditions
  • Corn planting finally surpassed the 5 year average pace this week reaching 94% completed compared to average of 92% 
    • The initial corn conditions report came in at 73% good/excellent – the average for first report is 70% g/e
  • Soybean planting 78% completed – just 1% behind average pace
  • Winter wheat harvest 5% completed with conditions still 20% below average at 30% g/e
  • Spring wheat planting 82% completed, still trailing average pace of 97% completed 
• Monthly USDA report will be released Friday 
  • Not expecting major changes
  • 2021/22 carryout numbers expected to tighten slightly for all three corn, beans and wheat
  • 2022/23 carryout also looking for a slight decline in carryout across the board