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The daily commentaries provide a recap of each commodity's traded price activity, an analysis of the factors that influenced price activity, a recap of any reports released that day, and a look ahead at the next day's schedule. CME Group provides market commentaries for corn, wheat, soybeans, gold and silver.
The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
December wheat was 2 1/4 cents lower overnight. The dollar index was mixed overnight, but firmed into the morning hours.
The December wheat contract made a new low for June overnight, which marks the 5th straight day that this has occurred. Traders report that favorable harvest weather in the US and a soft export market continue to weigh on prices. Forecasts call for only limited, minor interruptions in the soft red winter wheat harvest into next week with few if any harvest disruptions through the middle of next week in the hard red belt from Kansas on north.
The weak performance of this season's monsoon rains in India are causing more and more concern with India's Meteorological Department reporting today that rain totals were 68% below normal in the week ending June 24th. This is causing India to slow down its long-awaited loosening of export curbs on wheat and wheat products.
The Buenos Aires Grains Exchange has again lowered its estimate for this year's planted area in wheat due to the ongoing drought there. They dropped planted area to a new all-time low of 2.9 million hectares compared to 2.96 million last week.
The Ministry of Trade in Egypt has ordered traders to re-export a 56,000-ton shipment of Russian wheat. A South Korean flour miller is looking to buy 25,300 tonnes of US wheat. An Israeli group bought 15,000 tonnes of wheat on a tender that was originally pegged at 35,000 tonnes. First Notice day for the July wheat futures contract is next Tuesday the 30th of June.
A series of narrow band of showers and some thunderstorms are expected across major corn and soybean growing areas into early next week with the later stages of these systems bring some relief fro the heat in the Delta. However, the bigger story is the reduction of heat expectations in forecast for the Midwest starting next week with Chicago actually expected to see temperatures in the low 70s on Tuesday. Some forecasts are now calling for below normal temperatures extending to 14 days out. Bands of rain are expected in the mid south and eventually the Delta on Friday Sunday and Monday, but the Plains are expecting consistently dry conditions from Kansas on north through the middle of next week. A South Korean flour miller is looking to buy 25,300 tonnes of US wheat. An Israeli group bought 15,000 tonnes of wheat on a tender that was originally pegged at 35,000 tonnes.
