The most active corn contract for July delivery rose 10.5 cents, or 1.76 percent, to settle at 6.08 U.S. dollars per bushel. July wheat gained 3.75 cents, or 0.6 percent, to settle at 6.2775 dollars per bushel. July soybean climbed 3.25 cents, or 0.24 percent, to settle at 13.5325 dollars per bushel.
Crop stress is ongoing for corn and soybean crops in the Midwest and Delta. All eyes are on future weather forecasts for the Midwest.
CBOT is adding weather premium to price, and the risk in CBOT values is to the upside with falling soil moisture and crop conditions. Chicago-based research company AgResource holds that it is premature to be overly bearish until 2023 Midwest crop yields are better known.
The U.S. Department of Agriculture reported that 165,000 metric tons of U.S. 2022-2023 soybeans were sold to Spain.
A newswire is claiming that the Environmental Protection Agency (EPA) has abandoned a proposal to include the electric vehicle in its 2023-2026 biofuel program. The EPA is to announce its 3-year biofuel mandates prior to June 15.
Soil moisture in the U.S. Midwest has been in a freefall since April and subsoil totals are nearing decade lows. Crops must rely on rain heading into reproduction.
It is drier for the Eastern Midwest with widely scattered showers being heavier and more important for the Western Midwest on the weekend.
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