At the break this morning grains are mixed. Wheat is down 5 ½ cents, corn is up a penny and beans are up 4 ¼ cents.
Crude oil down 82 cents per barrel to 66.22. U.S. Dollar Index is up 190 points.
The Trump Administration is giving two oil refiners tens of millions of dollars' worth of retroactive biofuels credits. This is after it was ruled that the Obama Administration had improperly denied requests from HollyFrontier Corp and Sinclair Oil that were made for economic hardship in 2015.
China's state grains and agricultural trader COFCO has bought cargoes of soybeans from the United States, though future purchases may be jeopardized by renewed trade tensions.
April’s USDA bean crush is expected to come in at 171.7 mb, down from March’s 182.2 mb.
The U.S. Midwest weather forecast has turned to mostly less than average rainfall over the next 10 days but, not totally dry. Temps will be swinging from above average to below through the second half of next week.
Chart of the Day
Today’s charts show price action of the key December corn and November soybean contracts, during the first half of the month of June, since 1990. Both corn and beans have come back during this span in each of the last two years, after a bearish run for corn in particular from 2009-2015; CZ ended almost a year’s worth of very sideways trade in early June last year with at least a little bit of June-July weather volatility, though the whole resulting up-and-down resulted in a high at $4.17 1/4/bu and low at just $3.74/bu.