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AgriVisor Morning MarketWatch

 
Tuesday, June 14, 2022
Corn planting across the United States is basically wrapped up for the year. As of Sunday the US corn planting was at 97% and emergence was at 88%. The rating of the US corn crop declined 1 point last week and now stands at 72% Good/Excellent. Soybean planting across the United States will also be winding down for the year as this has reached 88% which is right at the five-year average. Soybeans are 70% emerged which is just under the 74% average. The initial rating on the US soybean crop is 70% G/E which was in line with trade expectations. The winter wheat crop rating again improved 1% on the week and stands at 31% G/E. Harvest is starting to advance on winter wheat with 10% of the crop now out. Spring wheat planting reached 94% as of Sunday, and the crop is rated 54% G/E. US pasture conditions continue to slow improvement with the rating on that at 31% G/E. Trade will likely once again focus its attention on current weather forecasts for the Corn Belt which indicate hot, dry conditions for the remainder of the week, but we are now seeing some differing outlooks for next week and beyond, with a few models showing moderating conditions return at that time. 

Highlights
* Rail market again seeing logistic issues
* Global energy supply a concern   
* Favorable crops may encourage sales 
* Long range weather outlooks concerning 
* Some models call for hot, dry US summer 
* Inflation continues to impact commodity demand 
* Energy, food lead rising costs
* European Central Bank predicts 6.8% inflation
* Fertilizer manufacturers to increase output
* Fed may raise interest rate 0.75 tomorrow 

Corn
* New crop demand has slowed
* New crop sales already record high 
* Feed demand to rise  
* US more competitive in global market
* Domestic buyers push for coverage
 
Soybeans
* Argentine officials raise crop estimates
* Indonesia elevates Palm Oil exports  
* Egypt claims to have 6 month supply of veg oil  
* China crush margins pressured 
* Brazil lowers soy exports, raises crush

Wheat
* Trade replacing Ukraine wheat
* Ukraine says exports to increase       
* Drought in EU intensifies
* EU lowers export forecast  
* Egypt says 2022 needs are covered  
  
Livestock
* Cash cattle trade is weaker  
* US beef exports slowing
* Last week’s beef sales a 12 week low
* Pork exports also slowing 
* Last week’s sales a 7 week low

RISK DISCLAIMER: The risk of loss in trading commodity futures and options is substantial. Before trading, you should carefully consider your financial position to determine if futures trading is appropriate. When trading futures and/or options, it is possible to lose more than the full value of your account. All funds committed should be risk capital. Past performance is not necessarily indicative of future results. The information contained in this report is believed to be reliable but is not guaranteed to accuracy or completeness by AgriVisor, LLC. This report is provided for informational purposes only and is not furnished for the purpose of, nor intended to be relied upon for specific trading in commodities herein named.  This is not independent research and is provided as a service.  As such, this is considered a solicitation. 
 

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