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Home / Futures Blog / Turner’s Take Podcast | June WASDE Neutral

Turner’s Take Podcast | June WASDE Neutral

June 10, 2022 by Craig Turner

Turner's Take Podcast

Play Turner’s Take Ag Marketing Podcast Episode 315

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The USDA released their June WASDE today and it was fairly neutral overall.  Corn and wheat were slightly bearish and soybeans were a bit bullish.  The bigger June report will be at the end of the month when Quarterly Stocks and Plantings are reported.  The market shrugged off any bearish news today.  The focus is now on hot and dry summer weather in the Midwest, acres loss in MN and ND, and the uncertainty surrounding grain and oilseed exports out of the Black Sea.

N. American summer weather will have a huge impact on wheat, corn, soybeans, and canola over the next four to eight weeks.  For the moment the trade is concerned about a high pressure ridge forming in the US Midwest.  This type of ridge can happen after La Nina periods and if the hot/dry weather is prolonged we could have significant production loss in the US.

The other major wild card is the Black Sea. On paper the world has plenty of grain for export.  In reality 25 to 50 MMTs of needed grain and oilseeds could be stuck in Ukraine.  The USDA does not know how to account for this, and quite frankly neither does the market.  Expect high prices and volatility until more is know about the N. Hemisphere crop and Black Sea exports later this fall.

About Turner’s Take Podcast and Newsletter

If you are having trouble listening to the podcast, please click here for Turner’s Take Podcast episodes! Craig Turner – Commodity Futures Broker 312-706-7610 cturner@danielstrading.com Turner’s Take Ag Marketing: https://www.turnerstakeag.com Twitter: @Turners_Take Contact Craig Turner

Filed Under: Turner's Take, Turner's Take Podcast

About Craig Turner

Craig Turner is a Senior Broker at Daniels Trading, author of Turner’s Take newsletter, and a Contributing Editor for Grain Analyst. Craig is often quoted in the Wall Street Journal, Reuters, Dow Jones Newswire, Corn & Soybean Digest, and also makes appearances on SiriusXM – Rural Radio Channel 80 providing commentary for the Grain and Livestock markets. Craig has also been featured in FutureSource’s Fast Break series, Futures Magazine Online, and INO.com. Mr. Turner has a Bachelors from the Rensselaer Polytechnic Institute (RPI) where he graduated with honors and has worked at the NYSE and Goldman Sachs. While at Goldman, Craig earned his MBA in the NYU Stern executive program. Learn more about Craig Turner.

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