06/17/2025 The Bull is in Oil

On the Grains
Good morning. Yesterday’s disappointing day in corn occurred despite excellent export inspections, as traders examined maps showing rain and improving crop condition ratings. Although the crop condition report was released after market close, there were expectations for an improvement in the scores. Iowa saw a slight decrease from last week, down 1% to 64% G/E, which is 10% above last year. Illinois increased 2% and was reported at 70%, compared to the previous year’s 65%, and Nebraska was up 4% at 73%, but well below last year’s 81%. December corn did test and held support yesterday, barely. The European weather forecast now indicates that arid conditions and increased temperatures are expected to persist for the next two weeks.  Argentine corn continues to be the cheapest export corn in the world. We will keep an eye on export sales this week to see when buyers switch origin.