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Market Insights - June 21 , 2024

Market Insights

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Market Insights June 21-24
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That’s a Wrap

It was a hard week for ag commodities. Wheat took it on the chin and folded like a cheap lawn chair. Growing conditions in the USA and Canada are fabulous. The crop ratings are simply awesome.  Couple that with the end of the year farmer selling and the market simply had no choice but to drop 


Horizon                                                                   

  • Although the conditions look great the mean temperature is below average.

  • Saudi Arabia decided not to renew the petrodollar agreement with the USA. This is important as this move allows easier trade facilitation with BRICS. 

Quick Sentiment


Canola -Technical Thoughts

1.     Overall, the canola market has pulled back as a large crop and large carryover is expected.

2.     Since June 1 Soybean oil has risen 2%, Soybeans down 3%, Canola down 4%

My Farm – Canola

Greg, what’s your Point? How’s this going to help my farm?

Canola has turned bearish, yet it is carving out a bottom at around 620. I don’t think it will drop to 600 this go around.  At this time, there is nothing to do.  Some elevators have had some excellent basis opportunities; however, if you are going to do a basis there need to be at least 3 months before pricing the futures.

Does This Information Change YOUR Market Max Marketing Strategy?

No, Sit back and grow the crop.



Wheat-Technical Thoughts

1.     The market is at peak optimism. The justification for this drop should not cause panic.

2.     USA wheat conditions are great. The market has forgotten all about Russia, India and Europe’s issues and is 100% focused on the USA.

3.     The market is cleaning house. It should continue on this trend until weak longs are taken out. There is a big USDA report next week.


My Farm – HRS Wheat

Greg, what’s your Point? How’s this going to help my farm?

The market is under pressure and there is no opportunity to be doing any contracts.  Need to decide on what level to start pricing at, but in general, just stand aside

Does This Information Change YOUR Market Max Marketing Strategy?

NO

My Farm – CPS Wheat

Greg, what’s your Point? How’s this going to help my farm?

Same as HRS, stand aside and grow the crop..

Does This Information Change YOUR Market Max Marketing Strategy?

NO

My Farm – White Wheat

Greg, what’s your Point? How’s this going to help my farm?

Same as HRS, stand aside and grow the crop.

Does This Information Change YOUR Market Max Marketing Strategy?

NO.


Weekly Commodity Change

Weekly Commodity Change




PDF Version

Market Insights June 21-24
.pdf
Download PDF • 1.31MB

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