Federal Reserve signals longer-lasting rate hikes: Weekly Commodity Market Update for 6/13/23

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Brownfield's Weekly Commodity Market Update

This week, Will and Ben look at expectations for Federal Reserve week. ----- Market recap (changes on week): - July corn up $.20 at $6.17 - December 2023 corn up $.12 at $5.49 - July soybeans up $.22 at $13.72 - November soybeans up $.30 at $12.09 - July soybean oil up 4.72 cents at 53.98 cents/lb - July soybean meal down $3.80 at $397.40/short ton - July 2023 wheat up $.09 at $6.33 - July 2024 wheat up $.04 at $6.90 - June WTI Crude Oil down $4.86 at $67.23/barrel Weekly highlights: - It was a mixed week in the energy sector- ending fuel stocks were largely up across the board including a 26-million-gallon increase to US ethanol stocks. Ethanol production rose 10 million gallons on the week to the largest weekly volume of the calendar year. - US export sales were fairly consistent on the week- the exception being wheat sales which were bullish, well above all pre-report expectations. - Open interest position of Chicago futures and options positions were mixed- flat for Chicago wheats, up for corn, soybeans, and soybean meal, but down for soybean oil, cotton, and rough rice. - Managed money accounts largely added contracts across the board- the exception: Chicago wheats which turned their small net long into a small net short. - USDA’s June Supply and Demand update include cuts to exports- corn down another 50 million bushels after being cut 75 million bushels in May. Soybean exports down 15 million bushels. 2022/23 corn imports were reduced 15 million bushels. The national wheat yield was increased 0.2 of a bushel to 44.9 bushel/acre. - US Ag Export inspections were as expected this week, but down week over week for corn, soybeans and all wheats combined. - Crop conditions deteriorated a little on the week- corn, soybeans and rice all down 3% to 61%, 59% and 67% good to excellent respectively. Cotton conditions were down 2% week over week to 49% - Winter wheat harvest progresses with 8% completed. Topics: - Market recap - Oil prices - Fuel demand - Export update - USDA supply and demand report adjustments - Reports to watch ----- Find more agriculture news: brownfieldagnews.com See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.