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Above: Oliver Sloup was on RFD-TV this morning, sharing his thoughts on the grain markets as we start a new week of trade.

Corn

Grain futures were mostly firm to start the Sunday night trade but lost their footing through today’s trade.  July corn finished the day 7 ¾ cents lower, settling at 607 ½, the lowest closing price since March 13th.  The new crop December contract finished the day ½ cent lower, settling at 547 ½. 

Some of the weakness came on the back of private exporters reporting a cancellation of 327,000 metric tons (about 12.9 million bushels) of corn to China for the 2022/2023 marketing year. 

Weekly export inspections were reported at 913,813 metric tons, within the range of expectations.

Soybeans

July soybean futures had a choppy day, trading in a 28 ¼ cent range.  At the close, July futures were down 13 cents, settling at 1436, the lowest closing price since March 27th.  The new crop November contract finished the day 8 ½ cents lower, settling at 1276 ¾, the lowest closing price since March 24th. 

Weekly export inspections were reported at 374,960 metric tons, within the range of expectations.

Wheat

July Chicago wheat futures finished the day 16 cents lower, settling at 657, a new closing low for the move.  That puts the RSI at 34.16, still above what is considered “oversold”.   July KC wheat finished the day 8 cents lower, settling at 817 ½.  July spring wheat was a nickel lower, settling at 840 ¾. 

Weekly export inspections were reported at 363,826 metric tons, in line with the range of expectations.

 

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