Markets are trading higher overnight, seeing follow-through buying after markets traded sharply higher on Wednesday on trade optimism ahead of planned announcement from Trump in Iowa today.
Managed funds on Wednesday were estimated as net buyers of 24k corn to reduce the net short to 168k, net buyers of 20k beans to push the net long to 34k, and net buyers of 8k wheat to reduce the net short to 61k.
Argentina said ag exports broke records in the month of June as exporters rushed to move product before a new tax hike went into effect July1st.
Export sales this morning for wheat came in at (200-600 expected), corn (400-1,000), n/c corn (500-900), beans (300-700), n/c beans (0-300), meal (100-400), n/c meal (0-250), and oil (-10-26).
Ukraine wheat exports of the 2025 crop are expected to start mid-July with marketing year shipments expected to run similar to last marketing year when they shipped 15.7 mmt.
China reportedly bought 700 tmt of Ukraine barley this week.
Trump on Wednesday said the U.S. would place a 20% tariff on imports of Vietnamese goods, which was smaller than expected.
December corn posted a higher high, higher low, and sharply higher close yesterday with the market seeing follow-through overnight to push prices back into the range that we traded for much of April, May, and June. There is more room to trade higher before the market will be overbought. December support is 4.18 and resistance 4.40.
Beans posted a higher high, higher low, and sharply higher close on Wednesday with the market recovering back into the trading range that we saw for much of April, May, and June. There is more room to trade higher before the market will be overbought with support for Nov. at 10.30 and resistance 10.60.
Corn made big gains on Wednesday with prices surging on news that the U.S. and Vietnam had made a trade deal with the market reacting as if more deals are likely to be announced soon. The funds are still very short with old crop US and global supplies relatively tight. Producers can target the 4.45-4.50 area basis Dec. to catch up sales and add downside protection.
Beans surged on Wednesday on trade optimism after the U.S./Vietnam trade deal was announced. With the market quickly recovering to the upper end of the range that we’ve seen this year, producers should make sure sales are caught up and buy puts to cover unsold bushels.
Corn up 4-5
Beans up 8-9