BEANS RALLY BUT CONDITIONS IMPROVE & WHEAT DISAPPOINTS

Written By Sebastian Frost

AUDIO COMMENTARY

  • Corn tested July lows but bounced

  • Wheat remains disappointing despite war news

  • Is there still a reason for wheat to rally?

  • Big picture, supply is getting smaller

  • Forecasts are hot & dry

  • Beans improve by 5% G/E after close

  • Continue to sell beans to China. Demand is strong

  • Will demand increase offset supply increases?

  • Tomorrow will be great test for beans, but don’t be surprised if they are pressured heavily

  • (Scroll for crop conditions, charts, & forecasts)

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Crop Conditions & Progress

Corn 🌽 

  • Rated G/E: 59%

  • Trade: 58%

  • Last Week: 57%

  • Last Year: 57%


Soybeans 🌱 

  • Rated G/E: 59%

  • Trade: 55%

  • Last Week: 54%

  • Last Year: 58%


Spring Wheat 🌾 

  • Rated G/E: 42%

  • Trade: 41%

  • Last Week: 41%

  • Last Year: 64%


Winter Wheat 🌾 

  • Harvested: 92%

  • Trade: 93%

  • Last Week: 87%

  • Last Year: 89%

  • Average: 92%

 

State By State Map (% Change)
- From Darrin Fessler & Karen Braun -

Corn 🌽 

Beans 🌱


Charts

Corn 🌽

Corn held it’s July lows of $4.81 bouncing right off of that support. First upside target is the $5.16 range. Bulls need to hold that $4.81 or we could drop into the $4.50 or so range.

Beans 🌱

Beans have found some nice support in this area. However, given the massive improvement to crop conditions, I wouldn’t be at all surprised to see us pressured heavily and test the $12.96 level. If that level doesn’t hold we might look to the $12.83 level. If neither of those hold, bulls need to hold the $12.45 level which is where we made our March and July lows. On the other hand, upside targets are $13.37 then $13.63.

Chicago 🌾

Chicago broke it’s slight uptrend from late May. We are currently sitting at some good support, so hopefully we hold the $6.06 level here. But if it doesn’t hold we might look to our May 31st lows of $5.87 1/2.

KC 🌾

The KC chart doesn’t look too hot for bulls. But we did find support right at our May lows which is the level bulls need to hold to prevent further bleeding.

Minneapolis 🌾

As is the same for KC, we are sitting at support. If this doesn’t hold we could look to test our May 31st lows.

WEATHER

Sebastian Frost
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