rounded corner
rounded corner
top border

Calming Down

Bookmark and Share

Corn appears to be underperforming today! Has planting panic subsided? Expectations are for the USDA to put corn plantings at 90% and beans at 80% in this afternoon's progress reports. Winter wheat harvest has been slowed by wet weather while spring wheat is starting to get a little thirsty as it's been a little dry in North Dakota and the Canadian Plains. Wheat conditions has slipped yet, the extent might be measured more so with basis levels than subjective government observations.

Supply is a concern, specifically for corn but, we've to look at demand and the market is looking at increased imports from South America as well as wheat working into the feed ration. Things may get tight yet, there's enough corn and wheat around for a copy of months which could keep spreads wide despite the recent run up in corn basis.

First notice day against the July futures is June 28 and we must remember that speculators flipped from short to long the past thirty days which may keep July under a little pressure as deliveries approach. River delivery is going to be a lesson for those who choose to take it. High water, receipt shopping and swapping and all the other little surprises might make bringing up Brazilian corn a lot more feasible!

Wheat quality is a concern and if it keeps on raining basis levels may get goofy. It's a day by day consideration. Spreads can get very volatile.

Beans are starting to become a concern as we're at the Summer Solstice this week and yield potential may start waning. But, there are a lot of beans in the world and above$9 there's more coming in the southern hemisphere. Spreads might have a tough time strengthening!

The information contained on this site is the opinion of the writer and obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.

Join My Mailing List

Steve Bruce

Walsh Trading
312 985 0156
888 391 7894 toll free
312 256 0109 fax

Walsh Trading
53 W Jackson Suite 750
Chicago, Il 60604

Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (WTI) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.

Recent articles from this author

About the author

Steve Bruce comes from the cash grain side of the market working for General Mills at the ChicagoBoard of Trade in the summers in the 1970's calling the country to buy wheat at cheap basis levels and with Illinois Grain learning the barge trade. He then spent the 80's , 90's and 00's servicing commercial clients with Geldermann and Man Financial from the trading floor of the Chicago Board of Trade shared market perception via print and electronic media. Steve takes a fundamental approach to market analysis. He completed his undergrad at Marquette and MBA at De Paul. Steve believes in the free market, Chicago School of monetary policy, and less government involvement and intervention in the grain markets. He is risk adverse but emphasizes spread trades for optimal hedging profitability. Steve can be contacted at 312 985 0156 or 888 391 7894 or email him at
Contributing author since 06/14/2018 

Published by Barchart
Home  •  Charts & Quotes  •  Commentary  •  Authors  •  Education  •  Broker Search  •  Trading Tools  •  Help  •  Contact  •  Advertise With Us  •  Commodities
Markets: Currencies  •   Energies  •   Financials  •   Grains  •   Indices  •   Meats  •   Metals  •   Softs

The information contained on is believed to be accurate but is not guaranteed. Market data is furnished on an exchange delayed basis by Data transmission or omissions shall not be made the basis for any claim, demand or cause for action. No information on the site, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any futures or options contracts. is not a broker, nor does it have an affiliation with any broker.

Copyright ©2005-2019, a product. All rights reserved.

About Us  •   Sitemap  •   Terms of Use  •   Privacy Policy