- At the end of May, old-crop corn fundamental indicators had grown more bullish while new-crop futures spreads were less bullish.
- The soybean markets showed a similar situation based on futures spreads, though basis was already showing signs of slowing demand.
- The wheat sector finished off its marketing year at the end of May, and national cash indexes indicated available stocks-to-use had grown larger, for the most part.
It’s June 30, meaning we’ve made it to the end of another month. Here in the US this first month of meteorological summer has seen drought and floods, sometimes in the same place, all while an earlier than usual weather market appears to have played out. Besides being the end of the fiscal quarter in the financial and investment industry, the last trading day of June also brings with it USDA’s quarterly Grain Stocks and Acreage Update reports. This means ag media, both real and social, will be filled with “experts” on the FUTURES markets telling us how important data as of June 1 is. The large players on both sides (commercial and noncommercial) rely on up to the minute available stocks, planted acres, and expected demand data from private research firms or in-house analysis. That’s just how it is, but yet the game goes on.
