8:45 Market Direction:  Corn up 4-5; Beans up 6-7

A little recovery after down markets earlier in the week. Rains have been favorable for recently planted corn acres, keeping beans from finishing up. US Corn imports on the East Coast are happening, normal volume 30-50 mbu and might go as high as 150 mbu this year. River logistics seem focused on getting beans moved that have been on the books while domestic demand in the US eats up and corn excess.

Much less rain occurs from next Wed. (June 26) forward for U.S. corn; some thunderstorms occur with highest coverage and amounts in the Dakotas, but only 0.25” to 0.75” elsewhere.

Brazil corn production estimate is increased 1.0 MMT this week to a record 100.0 MMT. According to AgRural, the safrinha (double crop) corn is 10.2% harvested compared to 2.9% last year and the 5-year avg. of 3.5%.

On This Day in History: On this day in 1975, Jaws, a breakthrough film directed by Steven Spielberg that made countless viewers afraid to go into the water, opens in theaters. The story of a great white shark that terrorizes a New England resort town became an instant blockbuster and the highest-grossing film in movie history until it was bested by 1977’s Star Wars. Jaws was nominated for an Academy Award in the Best Picture category and took home three Oscars, for Best Film Editing, Best Original Score and Best Sound.

Corn - $4.00 Spring    

Beans - $9.54 Spring